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Economics of Electricity
Markets, Competition and Rules


  • Date Published: May 2019
  • availability: In stock
  • format: Paperback
  • isbn: 9781316636626

£ 29.99

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About the Authors
  • This comprehensive and up-to-date book explains the economic rationale behind the production, delivery and exchange of electricity. Cretì and Fontini explain why electricity markets exist, outlining the economic principles behind the exchange and supply of power to consumers and firms. They identify the specificities of electricity, as compared to other goods, and furthermore suggest how markets should be optimally designed to produce and deliver electricity effectively and efficiently. The authors also address key issues, including how electricity can be decarbonized. Written in a technical yet accessible style, this book will appeal to readers studying power system economics and the economics of electricity, as well as those more generally interested in energy economics, including engineering and management students looking to gain an understanding of electricity market analysis.

    • Offers a comprehensive discussion of the economics of electricity, an important area of study within the increasingly popular field of energy economics
    • Connects theory to real electricity markets in various countries
    • Suitable for economist and non-economist readers alike
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    Reviews & endorsements

    'This book fills an important gap in the market for a graduate level textbook of electricity economics that sets out the physics, mathematics, economics and institutional elements needed to understand modern electricity markets. A mastery of this excellent text should provide a solid grounding to enable the student to understand, and ideally contribute to, the electricity economics literature, which can appear complex and daunting to even a well-trained micro-economist or electrical engineer.' David Newbery, Director of the Energy Policy Research Group (EPRG), University of Cambridge

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    Product details

    • Date Published: May 2019
    • format: Paperback
    • isbn: 9781316636626
    • length: 366 pages
    • dimensions: 246 x 173 x 19 mm
    • weight: 0.65kg
    • contains: 60 b/w illus. 18 tables
    • availability: In stock
  • Table of Contents

    Part I. Introduction to Energy and Electricity:
    1. Basic principles, definitions and unit measures
    2. Introduction to electricity
    brief history of the power industry
    Part II. The Basic Design of the Electricity Systems and Markets:
    3. The electricity systems and the electricity supply chain
    4. The four market designs of the electricity system
    5. Energy products and the time-dimension of electricity markets
    6. Some principles of regulation of the electricity sector
    Part III. Simplified Isolated Markets without Network Congestions:
    7. Load and power generation
    8. The centralized solution of optimal dispatching
    9. Welfare maximisation with time - varying load
    10. The market solution to optimal dispatching
    11. Balancing markets
    Part IV. Competition in Wholesale Electricity Markets:
    12. Wholesale market competition
    13. Market power in electricity markets
    Part V. Introducing Transmission Networks: Network Congestions and Electricity Import-Export:
    14. Electricity transmission: basic principles
    15. Meshed networks and congestion
    16. Transmission pricing in practice
    17. From nodal prices to transmission capacity expansion
    18. Transmission rights and price risk hedging
    Part VI. Economics of Electricity Retail Markets:
    19. Retail competition: supplying electricity to final consumers
    20. Assessing the benefits of retail competition
    Part VII. Investing in Power Generation:
    21. Optimal investment in power generation
    22. Energy-only markets vs markets with capacity remuneration mechanisms
    23. Capacity remuneration mechanisms
    Part VIII. Environmental Challenges and the Future of Electricity Markets:
    24. Global warming and the electricity markets
    25. Renewable energy sources and electricity production
    26. The integration of renewable energy sources in the electricity system
    27. Smart grids.

  • Authors

    Anna Cretì, Université de Paris IX (Paris-Dauphine)
    Anna Cretì is Full Professor at the Université de Paris IX (Paris-Dauphine), Senior Research Associate at the Ecole Polytechnique and External Affiliate of the Siebel Institute at the University of California, Berkeley. She is the Scientific Director of The Climate Economics Chair and the Natural Gas Chair at Université de Paris IX (Paris-Dauphine). She is the author of numerous articles in international peer-reviewed journals.

    Fulvio Fontini, Università degli Studi di Padova, Italy
    Fulvio Fontini is Professor of Economics at the Department of Economics and Management, Università degli Studi di Padova, Italy. He has been co-chair of the ESS task force of the Council of European Energy Regulators (CEER), and member of several task forces of CEER and the Agency for Cooperation of Energy Regulators, where he was seconded as National Expert. He is the author of numerous articles in international peer-reviewed journals.

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