Relevant bibliographies by topics / Electric utilities – Finance – Mathematical models

Academic literature on the topic 'Electric utilities – Finance – Mathematical models'

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Published: 4 June 2021
Last updated: 4 February 2022

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Journal articles on the topic "Electric utilities – Finance – Mathematical models"

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Zhang, Dong, and Shuhui Li. "Optimal Dispatch of Competitive Power Markets by Using PowerWorld Simulator." International Journal of Emerging Electric Power Systems 14, no. 6 (October 12, 2013): 535–47. http://dx.doi.org/10.1515/ijeeps-2013-0096.

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Abstract The transition to competitive and retail markets for electric utilities around the world has been a difficult and controversial process. One of the difficulties that hindered the development and growth of competitive power markets is the absence of efficient computational tools to assist the design, analysis, and operation of competitive power markets. PowerWorld simulator is a software package that has strong analytical and visualization functions suitable for extensive power flow study of an electric power system. However, like many other power flow simulators, PowerWorld cannot be used directly for analysis and evaluation of a competitive power market. This article investigates mathematical models associated with a competitive power market and how these models can be converted and transformed in such a way that makes it possible to use PowerWorld for the competitive power market study. To validate the effectiveness of the proposed strategy, models of several small-scale competitive power markets are built in MatLab by using conventional approaches. Results generated by both PowerWorld and MatLab are compared. Finally, the article demonstrates how the PowerWorld simulator is used to investigate a larger and practical competitive power system.
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Amir, Rabah, Igor V. Evstigneev, Thorsten Hens, Valeriya Potapova, and Klaus R. Schenk-Hoppé. "Evolution in pecunia." Proceedings of the National Academy of Sciences 118, no. 26 (June 25, 2021): e2016514118. http://dx.doi.org/10.1073/pnas.2016514118.

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The paper models evolution in pecunia—in the realm of finance. Financial markets are explored as evolving biological systems. Diverse investment strategies compete for the market capital invested in long-lived dividend-paying assets. Some strategies survive and some become extinct. The basis of our paper is that dividends are not exogenous but increase with the wealth invested in an asset, as is the case in a production economy. This might create a positive feedback loop in which more investment in some asset leads to higher dividends which in turn lead to higher investments. Nevertheless, we are able to identify a unique evolutionary stable investment strategy. The problem is studied in a framework combining stochastic dynamics and evolutionary game theory. The model proposed employs only objectively observable market data, in contrast with traditional settings relying upon unobservable investors’ characteristics (utilities and beliefs). Our method is analytical and based on mathematical reasoning. A numerical illustration of the main result is provided.
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Dodo, U. A., M. N. Nwohu, I. N. Abubakar, and M. A. Dodo. "Appraisal of Aggregate Technical, Commercial and Collection Losses in Nigerian Electricity Distribution System." Nigerian Journal of Technological Development 17, no. 4 (March 11, 2021): 286–94. http://dx.doi.org/10.4314/njtd.v17i4.6.

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From a practical point of view, no power system is free of losses. Power system losses, especially in distribution systems are usually high and result in increasing the cost of operations to the electric utilities and the price tag of electricity to the consumers. Aggregate Technical, Commercial and Collection (ATC&C) losses is a reliable parameter that reveals the true energy and revenue loss conditions of distribution systems. In this paper, mathematical models were developed for the determination of billing efficiency, collection efficiency, and ATC&C losses using Life Camp Area Office’s network of Abuja Electricity Distribution Company Plc Nigeria, as a case study. The average billing efficiency, collection efficiency and ATC&C losses for the period under review were found to be 89.73%,84.80%, and 23.79% respectively. An understanding of appraisal of these losses is important to the power system Engineers, energy policy makers, and the power firms as it enables areas of high losses in the network to be identified, which will give room for credible investment plans and subsequent monitoring of the losses. Keywords: ATC&C losses, billing, energy, distribution system, revenue
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Dissertations / Theses on the topic "Electric utilities – Finance – Mathematical models"

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Thai, Doan Hoang Cau Australian Graduate School of Management Australian School of Business UNSW. "Analysing tacit collusion in oligopolistic electricity markets using a co-evolutionary approach." Awarded by:University of New South Wales. Australian Graduate School of Management, 2005. http://handle.unsw.edu.au/1959.4/22478.

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Wholesale electricity markets now operate in many countries around the world. These markets determine a spot price for electricity as the clearing price when generators bid in energy at various prices. As the trading in a wholesale electricity market can be seen as a dynamic repeated game, it would be expected that profit maximising generators learn to engage in tacit collusion to profitably increase spot market prices. This thesis investigates this tacit collusion of generators in oligopolistic electricity markets. We do not follow the approach of previous work in game theory that presupposes firms' collusive strategies to enforce collusion in an oligopoly. Instead, we develop a co-evolutionary approach (extending previous work in this area) using a genetic algorithm (GA) to co-evolve strategies for all generators in some stylised models of an electricity market. The bidding strategy of each generator is modelled as a set of bidding actions, one for each possible discrete state of the state space observed by the generator. The market trading interactions are simulated to determine the fitness of a particular strategy. The tacitly collusive outcomes and strategies emerging from computational experiments are thus obtained from the learning or evolutionary process instead of from any pre-specification. Analysing many of those emergent collusive outcomes and strategies. we are able to specify the mechanism of tacit collusion and investigate how the market environment can affect it. We find that the learned collusive strategies are similar to the forgiving trigger strategies of classical supergame theory (Green and Porter, 1984). Also using computational experiments, we can determine which characteristics of the market environment encourage or hinder tacit collusion. The findings from this thesis provide insights on tacit collusion in an oligopoly and policy implications from a learning perspective. With modelling flexibility, our co-evolutionary approach can be extended to study strategic behaviour in an oligopoly considering many other market characteristics.
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Ganjbakhsh, Omid. "St[r]ategic offers in an oligopolistic electricity market under pay-as-bid pricing." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=112570.

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Marginal pricing is the traditional pricing method in pool based electricity markets, however pay-as-bid is an alternative that has been the focus of recent studies. One way of comparing the outcomes of these two pricing schemes is by examining their market equilibria. These equilibria have been analyzed in depth for both pricing methods under the assumption of a perfect market. Marginal pricing market equilibria has also been examined under oligopolistic markets, however, the same attention has not been given to oligopolies based on pay-as-bid pricing.
In this thesis, we study the possible outcomes of an oligopolistic electricity market under pay-as-bid pricing. For this purpose, we introduce, develop and test a new concept called defensive Nash equilibrium, which combines the risk adverseness of power suppliers with the traditional notion of Nash equilibrium. The test cases studied compare market outcomes between pay-as-bid and marginal pricing under various market power assumptions.
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Hasan, Ebrahim A. Rahman. "Strategic Genco offers in electric energy markets cleared by merit order." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=115916.

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In an electricity market cleared by merit-order economic dispatch we identify necessary and sufficient conditions under which the market outcomes supported by pure strategy Nash equilibria (NE) exist when generating companies (Gencos) game through continuously variable incremental cost (IC) block offers. A Genco may own any number of units, each unit having multiple blocks with each block being offered at a constant IC.
Next, a mixed-integer linear programming (MILP) scheme devoid of approximations or iterations is developed to identify all possible NE. The MILP scheme is systematic and general but computationally demanding for large systems. Thus, an alternative significantly faster lambda-iterative approach that does not require the use of MILP was also developed.
Once all NE are found, one critical question is to identify the one whose corresponding gaming strategy may be considered by all Gencos as being the most rational. To answer this, this thesis proposes the use of a measure based on the potential profit gain and loss by each Genco for each NE. The most rational offer strategy for each Genco in terms of gaming or not gaming that best meets their risk/benefit expectations is the one corresponding to the NE with the largest gain to loss ratio.
The computation of all NE is tested on several systems of up to ninety generating units, each with four incremental cost blocks. These NE are then used to examine how market power is influenced by market parameters, specifically, the number of competing Gencos, their size and true ICs, as well as the level of demand and price cap.
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Liu, Kai, and 劉愷. "A decentralized congestion management approach for the multilateral energy transaction via optimal resource allocation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B38750107.

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Liu, Youfei, and 劉有飛. "Network and temporal effects on strategic bidding in electricity markets." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B36895763.

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Myoga, Maya. "Comparisons of Total Factor Productivity in the U.S. Electric Industry." PDXScholar, 1987. https://pdxscholar.library.pdx.edu/open_access_etds/344.

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Since the onset of the recession in the 1970's, consumers have frequently expressed frustration with what appear to be ever-increasing utility bills, blaming what they perceive as unnecessarily high rates on industry inefficiency. From the industry perspective, inefficiency is not only the problem which has developed since the recession. The more critical issue is the industry's transition from a noncompetitive environment to a competitive one. In the past, the electric utility industry did not have to compete because each utility operated in an exclusive service territory, and each was regulated by the government. However, currently the industry is experiencing increased competition, both indirect and direct. The indirect competition has taken the form of alternative energy sources such as natural gas and such new technology sources as solar, wind, co-generation power, etc. Electric utility companies have also experienced direct competition among themselves for industrial and commercial customers. The latter has resulted because the price of electricity significantly influences management decisions about where to locate their plants. Thus, efficient operation of electric generation is an extremely important task both for customers and industry. Productivity measures, then, are vital to the industry's economic well-being. This study used three different models to measure and compare the total factor productivity of 95 electric utility companies from 1974 to 1984: the translog econometric model, the superlative index model, and the Craig and Harris model. First, the translog econometric model was applied to Investigate characteristics of the production structure for the electric utility industry. Next, the total factor productivity was calculated using each of the three models. Finally, the superlative index model was applied for bilateral and multilateral comparisons to the following categories: industry as a whole, six regions, five types of generation, and four different output levels.
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Lee, Kelvin. "A study of supply function equilibria in electricity markets /." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=112573.

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Deregulation is a growing trend and the electricity industry has not escaped its reaches. With worldwide experiences spanning only thirty years, there is substantial interest in analyzing current and future market designs so that market power cannot be used to increase the price of electricity significantly.
This thesis analyzes market power in electricity markets through the notion of Nash equilibrium (NE) and, more specifically, through Supply Function Equilibrium (SFE). We will examine how SFE can be modified to incorporate capacity constraints on generators and generating companies (gencos) controlling more than one generator for a Poolco electricity market with marginal pricing.
A genco's supply function is assumed to be of the form gi=l-aibi . Gaming is done either with ai or bi only, while keeping the other parameter at true cost. Gaming with both variables cannot be analyzed since the problem would have too many degrees of freedom. For each possible generator output level (minimum output, maximum output, or in between), analytical methods are employed to determine all candidate Nash equilibria. Then, simulations are performed over the range of possible genco offers to determine whether these candidates meet the complete set of Nash equilibrium criteria, specifically whether any genco can or cannot improve its profit by gaming.
For various inelastic demand levels, study cases indicate that there are either no Nash equilibria or only one. In the multi-unit genco case, the price of electricity is found to be higher than in the case where each genco owns only one generator, illustrating the effect of market concentration on the price. Whether capacity constraints are considered or not, the price of electricity appears to be higher if gencos are allowed to game with bi instead of ai.
The inclusion of capacity constraints on generators and the consideration of the multi-unit genco case will allow for better genco modeling in a Poolco market with marginal pricing. In turn, this will lead to more accurate analysis of the effects of current and possible rules and regulations on the price of electricity.
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Kwok, Ho King Calvin Actuarial Studies Australian School of Business UNSW. "Energy price modelling and risk management." Awarded by:University of New South Wales. Actuarial Studies, 2007. http://handle.unsw.edu.au/1959.4/40602.

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This thesis focuses on the development of a forecasting model for short- to medium-term electricity spot prices, based on modelling the dynamics of the supply and demand functions. It is found that the equilibrium assumption frequently adopted in electricity price models does not always hold; to overcome this problem, a notional demand process derived from the market clearing condition is proposed. Not only is this demand process able to capture all the price-affecting factors in one variable, but it also allows the equilibrium assumption to be satisfied and a spot price model to be built, using any appropriate form of hypothetical supply function. In addition, this thesis presents a model for approximating and modelling the bid stacks by capturing the points that govern their shape and location. Integrating these two models provides a realistic model that has a mean absolute percentage error of approximately 19% and 24% for week- and month-ahead forecasts respectively, when applied to the New South Wales (NSW) half-hourly electricity spot prices. Additionally, the density forecasting evaluation method proposed by Diebold et al. (1998) is employed in the thesis to assess the performance of the model. Besides the development of a spot price model, a two-part empirical study is made of the prices of NSW electricity futures contracts. The first part of the study develops a method based on the principle of certainty equivalence, which enables the market utility function to be recovered from a set of futures market quotes. The method is tested with two different sets of simulated data and works as expected. However, it is unable to obtain useful results from the NSW market quotes due to the poor data quality. The second part uses a regression method to investigate the relationship between futures prices and the descriptive statistics of the underlying spot prices. The result suggests that futures prices in NSW are linear combinations of the median and volatility of the final payoff.
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Staschus, Konstantin. "Renewable energy in electric utility capacity planning: a decomposition approach with application to a Mexican utility." Diss., Virginia Polytechnic Institute and State University, 1985. http://hdl.handle.net/10919/53898.

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Many electric utilities have been tapping such energy sources as wind energy or conservation for years. However, the literature shows few attempts to incorporate such non-dispatchable energy sources as decision variables into the long-range planning methodology. In this dissertation, efficient algorithms for electric utility capacity expansion planning with renewable energy are developed. The algorithms include a deterministic phase which quickly finds a near-optimal expansion plan using derating and a linearized approximation to the time-dependent availability of non-dispatchable energy sources. A probabilistic second phase needs comparatively few computer-time consuming probabilistic simulation iterations to modify this solution towards the optimal expansion plan. For the deterministic first phase, two algorithms, based on a Lagrangian Dual decomposition and a Generalized Benders Decomposition, are developed. The Lagrangian Dual formulation results in a subproblem which can be separated into single-year plantmix problems that are easily solved using a breakeven analysis. The probabilistic second phase uses a Generalized Benders Decomposition approach. A depth-first Branch and Bound algorithm is superimposed on the two-phase algorithm if conventional equipment types are only available in discrete sizes. In this context, computer time savings accrued through the application of the two-phase method are crucial. Extensive computational tests of the algorithms are reported. Among the deterministic algorithms, the one based on Lagrangian Duality proves fastest. The two-phase approach is shown to save up to 80 percent in computing time as compared to a purely probabilistic algorithm. The algorithms are applied to determine the optimal expansion plan for the Tijuana-Mexicali subsystem of the Mexican electric utility system. A strong recommendation to push conservation programs in the desert city of Mexicali I results from this implementation.
Ph. D.
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"A prediction model for short term electricity demand." Chinese University of Hong Kong, 1990. http://library.cuhk.edu.hk/record=b5886391.

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by Yung Kai-man.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1990.
Bibliography: leaves 90-92.
ABSTRACT --- p.ii
ACKNOWLEDGMENTS --- p.iii
TABLE OF CONTENTS --- p.iv
LIST OF ILLUSTRATIONS --- p.vi
LIST OF TABLES --- p.vii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Background --- p.1
Methodology Review --- p.6
Chapter II. --- DATA BASE AND VARIABLES --- p.8
The Data Base --- p.8
The Dependent Variables --- p.9
The Independent Variables --- p.14
Chapter III. --- METHODOLOGY --- p.24
Regression Analysis --- p.24
Selection of the Predictors --- p.25
Regression Studies Using Moving Data --- p.29
Programming Aids --- p.32
Chapter IV. --- RESULTS AND DISCUSSIONS --- p.35
Validity of the Assumptions for the Regression Model --- p.35
Prediction Power of the Model --- p.37
Utility of the Prediction Model --- p.39
A Practical View of the Model Prediction --- p.47
Representation of the Predictors --- p.48
Chapter V. --- CONCLUSION AND RECOMMENDATIONS --- p.51
Evaluation of the Prediction Model --- p.51
Extension of the Project --- p.53
APPENDICES --- p.55
REFERENCES --- p.90
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Books on the topic "Electric utilities – Finance – Mathematical models"

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Li, Yang, and Feng Donghan 1981-, eds. Dian li jing ji yu dian li shi chang. Beijing Shi: Ji xie gong ye chu ban she, 2010.

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Conejo, Antonio J. Decision making under uncertainty in electricity markets. New York: Springer, 2010.

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Johnsen, Tor Arnt. Kraftmarkedsmodell med energi- og effektdimensjon. Oslo: Statistisk sentralbyrå, 1995.

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Xiaohuan, Tan, ed. Dynamic noncooperative game models for deregulated electricity markets. Hauppauge NY: Nova Science Publisher, 2009.

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1951-, Ilic Marija D., ed. Valuation, hedging, and speculation in competitive electricity markets: A fundamental approach. Boston: Kluwer Academic Publishers, 2001.

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Graniere, Robert J. Almost second-best pricing for regulated markets affected by competition. Columbus, Ohio (1080 Carmack Rd., Columbus 43210-1002): National Regulatory Research Institute, Ohio State University, 1996.

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Rose, Nancy L. The diffusion of new technologies: Evidence from the electric utility industry. Cambridge, Mass: Sloan School of Management, Massachusetts Institute of Technology, 1988.

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Rose, Nancy L. The diffusion of new technologies: Evidence from the electric utility industry. Cambridge, MA: National Bureau of Economic Research, 1988.

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Chen, Zeyi. Que dian cheng ben zhi gu ji ji qi zai fen ji dian jia gui hua shang di han yi : Taiwan di shi zheng. Taibei Shi: Zhonghua jing ji yan jiu yuan, 1994.

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Yŏn'guwŏn, Han'guk Kaebal, ed. Chŏllyŏk sugŭp kyehoek kwa palchŏn sŏlbi t'uja sijang ŭi hyoyulsŏng. Sŏul T'ŭkpyŏlsi: Han'guk Kaebal Yŏn'guwŏn, 2013.

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Conference papers on the topic "Electric utilities – Finance – Mathematical models"

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Gayraud, Stéphane, and Riti Singh. "Effective Decision Making in Simple and Combined Cycle Schemes at the Turn of the Millennium." In ASME 1999 International Gas Turbine and Aeroengine Congress and Exhibition. American Society of Mechanical Engineers, 1999. http://dx.doi.org/10.1115/99-gt-011.

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The electricity supply industry is being restructured all over the world. Privatisation, with the emergence of Independent Power Projects (IPPs), especially in developing countries, and liberalisation of the power generation market are changing decision-making processes in a radical way. New challenges of deregulation and customer demands, and economic instabilities in south-east Asia, oblige electric utilities to face a double jeopardy: least-cost planning and least-risk investments. Consumers are encouraged to save energy and emission reduction policies are implemented to promote utilisation of high efficiency, clean power production technologies. The aim of this paper is to introduce the concept of life cycle risk management and Decision Support System (DSS) for open and combined cycle schemes, highlighting the market potential for Flexible Mid-size Gas Turbines (FMGT) in mid-merit applications. The DSS that has been developed at Cranfield University includes: plant simulation program, providing design and off-design performance, maintenance planning, component degradation, and load-following models. In addition several economic techniques based upon engineering finance and project accounting make power plant economic appraisals possible. The DSS also provides a Monte Carlo risk analysis in order to deal with technical and economic uncertainties in a very effective way. Case studies will stress several parameters that planners have to carefully assess when making decision in the context of the coming millennium, bringing all sorts of new challenges and areas of uncertainty that will be discussed in the paper.
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