The Power to Choose: Demand Response in Liberalised by Published by : OECD Publishing PDF

By Published by : OECD Publishing

ISBN-10: 9264105034

ISBN-13: 9789264105034

Hugely risky electrical energy costs have gotten a extra common and undesirable attribute of contemporary electrical energy wholesale markets. yet low call for elasticity, normally the results of an absence of incentives and shoppers' lack of ability to manage call for, capability

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Extra info for The Power to Choose: Demand Response in Liberalised Electricity Markets (Energy Market Reform)

Sample text

Most electricity is bought and sold under contracts between consumers of electricity and 19. In the UK, OFGEM estimates that this discounting has “saved” consumers in excess of £1billion per year. 3 DEMAND RESPONSE MARKETS AND ECONOMICS 44 retailers, who in turn have contracts with producers of electricity. Since the amount of electricity demanded (and the availability of supplies) in real-time is uncertain, a spot market plays an important role in balancing supply and demand. Prices are normally set in the spot, or wholesale, market by a combination of price/quantity bids for the supply of electricity based on forecasts of expected demand for electricity (eg, one day or one hour ahead).

If consumers’ underlying preferences were expressed in the market, then generators and suppliers, as well as customers or agents acting on their behalf, would be able to make optimal investment decisions and overall economic welfare would be maximised. This is because the economic benefits of demand response will be delivered in the form of both public and private goods. Private goods are typically traded in markets where buyers and sellers meet through the price mechanism. If they agree on a price, the ownership or use of the good (or service) can be transferred.

Other market flaws have been evidenced where supply and demand resources are considered to be equivalent – in the early United Kingdom price-based capacity design, demand side bidders were bidding high into the day-ahead markets with no expectation of being called, in order to receive the then-valuable capacity payments. The role of these payments was to act as a long-term investment incentive to capital-intensive supply side infrastructure, and it was neither suited nor intended for the purpose of engaging short-term demand resources.

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The Power to Choose: Demand Response in Liberalised Electricity Markets (Energy Market Reform) by Published by : OECD Publishing

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