Competition in electricity spot markets. Economic theory and international experience

摘要

This publication gives a survey of economic theory and international experience connected to electricity spot markets. The main purpose is to consider the attempts that have been made to apply economic theory and empirical methods to the analysis of electricity markets, and to evaluate them in light of theoretical considerations and empirical evidence. The publication describes in simple terms the basic pool pricing mechanism, and experience with pools in a number of countries. It is worth emphasizing that it is not the purpose to treat in extensive detail the structure of electricity pools around the world. Key factors of the markets in England and Wales, Norway and Australia are described in order to allow for a comparison of design issues and evaluation of competitive performance. 80 refs., 14 figs., 15 tabs.