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Baumann, Dominique Cristian. "Market coupling in the power markets." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12174.
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The thesis analyses the European Unions’ effort to create an integrated pan-European electricity market based on “market coupling” as the proposed allocation mechanism for interconnector transfer capacity. Thus, the thesis’ main focus is if market coupling leads to a price convergence in interlinked markets and how it affects the behavior of electricity price data. The applied research methods are a qualitative, structured literature review and a quantitative analysis of electricity price data. The quantitative analysis relies on descriptive statistics of absolute price differentials and on a Cointegration analysis according to Engle & Granger (1987)’s two step approach. Main findings are that implicit auction mechanisms such as market coupling are more efficient than explicit auctions. Especially the method of price coupling leads to a price convergence in involved markets, to social welfare gains and reduces market power of producers, as shown on the example of the TLC market coupling. The market coupling initiative between Germany and Denmark, on the other hand, is evaluated as less successful and illustrates the complexity and difficulties of implementing market coupling initiatives. The cointegration analysis shows that the time series were already before the coupling date cointegrated, but the statistical significance increased. The thesis suggests that market coupling leads to a price convergence of involved markets and thus functions as method to create a single, integrated European electricity market.
A dissertação analisa o esforço dos sindicatos europeus para criar um mercado pan- europeu de electricidade integrada baseada em 'mercados combinados', como o mecanismo de alocação de capacidade de transferência de energia entre diferentes sistemas. Assim, o foco principal do estudo é se a integração do mercado leva a uma convergência de preços nos mercados interligados, e como isso afeta o comportamento dos preços de energia elétrica. Os métodos de investigação são uma revisão bibliográfica estruturada qualitativa e uma análise quantitativa de dados de preços de energia elétrica. A análise quantitativa se baseia em estatísticas descritivas das diferenças de preços absolutos e em uma análise de cointegração de acordo com a abordagem de Engle e Granger (1987). As principais conclusões são que os mecanismos de leilões implícitos, tais como a integração de mercado são mais eficientes que os leilões explícitos. Especialmente, o método de acoplamento de preços leva a uma convergência de preços nos mercados envolvidos, a ganhos de bem-estar social e reduz a o poder dos produtores no mercado, como mostra o exemplo da integração mercado TLC. A iniciativa mercados combinados entre a Alemanha ea Dinamarca, por outro lado, é avaliada como de menor sucesso e ilustra a complexidade e as dificuldades de implementação de iniciativas de integração de mercado. A análise de cointegração mostra que as séries temporais já estavam cointegradas antes da data de integração, mas a significância estatística aumentou. A tese sugere que a integração do mercado leva a uma convergência dos preços dos mercados envolvidos e, portanto, funciona como método para criar um mercado de eletricidade único e integrado na Europa.
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Le, Coq Chloé. "Quantity choices and market power in electricity markets." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-566.
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Competitive power markets from different countries exhibit a common market design, especially because of the nature of electricity (lack of storage, inelastic load, and strong seasonal effects on multiple time scales). For example, a majority of countries have created a spot market where electricity is traded hourly. The design of the spot markets reflected an ambition of providing strong incentives for efficient and least-cost production. Subsequently, the spot market price has been considered as a reference price for other existing electricity markets such as the contract market or the real-time market. However, empirical studies on electricity markets find some evidence of abnormally high markups. The literature on the electricity spot market mainly focuses on the producers' pricing decisions. The present thesis argues that quantity choices, both in terms of available as well as contracted quantities, are crucial for understanding market power in electricity markets.Diss. Stockholm : Handelshögskolan, 2003 [4], iii, [1] s., s. 1-6: sammanfattning, s. 7-119, [5] s.: 4 uppsatser
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Le, Coq Chloé. "Quantity choices and market power in electricity markets /." Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2003. http://www.hhs.se/efi/summary/615.htm.
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Samseth, Eivind, and Geir Anders Haga. "European Power Market Model." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2012. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-21073.
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We develop and present a stochastic power market model to study the short-term spot market in Northern Europe. The model is formulated as a Mixed Linear Complementarity Problem using Conjectural Variations for the market power representation. The power producers and the transmission system operator simultaneously solve a profit maximization problem to reach a Nash-Equilibrium. The model results show dispatch, transmission and prices in 2010 and 2020 for different stochastic wind forecasts. We see a clear distinction between technologies used for base load and for balancing the market. Prices in Norway and Denmark will increase towards 2020 and decrease in Germany and the Netherlands. We study how our market power representation can be adjusted to be as realistic as possible, the effect of wind uncertainty, how robust the power system is with respect to volatile prices and the effect of the carbon price and bio power feed-in tariffs. Because of the uncertain wind there is an increase in natural gas dispatch compared to a deterministic case. The model is also decomposed with Dantzig-Wolfe decomposition technique. Unfortunately the decomposed model is not able to solve as big problems as the non-decomposed model. However we show significant algorithmic improvements and are able to reduce the number of iterations on a small problem from 183 to 17.
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Peng, Ni. "Market power and mergers." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/market-power-and-mergers(50b08a07-76d5-41d3-821a-7fb33c71bebc).html.
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This thesis presents three essays on the motives for mergers and the determinants of U.S. horizontal merger antitrust case selection. These essays contribute to the debate on whether mergers increase social welfare and on the efficiency of antitrust intervention. The first essay explores the market power motive for horizontal mergers by examining the relation between the announcement wealth effects to merging firms and their reliant corporate customers. Large sample studies generally conclude that efficiency considerations drive horizontal mergers and find little market power, which implies a non-negative wealth effect relation between these two parties along the supply chain. When I examine the endogenous stock market reactions to merger announcements with instrumentation, however, my results overturn this inference: I find that greater abnormal returns to merging firms systematically relate to lower abnormal returns to reliant customers. This wealth transfer effect exists for deals in industries with little foreign competition but not for deals in industries with intense foreign competition. These results suggest that increased market power is a key driver of horizontal mergers. In the second essay, I investigate the determinants of U.S. antitrust invention by examining horizontal merger antitrust case selection in the U.S. manufacturing sector during 1980-2009. I find no evidence supporting the consumer protection claim of the government's antitrust agencies. Instead, I find that the likelihood of antitrust intervention is negatively related to foreign import pressure. Hitting a market concentration hurdle criterion also predicts intervention. In addition, industry rivals seem able to exert pressure for antitrust intervention to avoid a competitive disadvantage. I identify two rival groups that account for the demand for antitrust regulation, local rivals and rivals producing less specialised products. The third essay examines the motives for related mergers from the perspective of product market similarity. Using Hoberg and Phillips' (2014) text-based product similarity measure, I find that when an acquirer's product is more similar to those of its rivals, a related merger results in a greater post-merger product price and lower market share for the combined firm. Moreover, for related mergers in more homogenous product markets, the stock market reactions to the merger announcement are higher for the combined firm and for product market rivals, but lower for reliant corporate customers. Overall, the evidence on both product market real performance and stock market reactions is consistent with the wealth transfer effect of related mergers, and suggests that the primary motive for firms to merge with product market competitors is to gain market power rather than to achieve efficiencies.
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Neuhoff, Karsten Michael. "Market power in networks." Thesis, University of Cambridge, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.620062.
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Godby, Robert William. "The effect of market power in emission permit markets." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/tape16/PQDD_0011/NQ30139.pdf.
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Pham, Thao. "Market power in power markets in Europe : the Cases in French and German woholesale electricity markets." Thesis, Paris 9, 2015. http://www.theses.fr/2015PA090019/document.
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Les deux derniers siècles ont connu une révolution exceptionnelle dans l'organisation des marchés électriques dans le monde entier. Ainsi, traditionnellement organisé autour de monopoles verticalement intégrés et soumis à la régulation, le secteur électrique connait un processus de réforme et évolue vers une organisation décentralisée qui favorise les mécanismes du marché. Le passage des tarifs régulés à des prix du marché, compte tenu des structures concentrées et les caractéristiques particulières de l'industrie électrique, accroît la possibilité que certaines entreprises puissent manipuler les prix du marché en exerçant leur pouvoir de marché. Les questions de "pouvoir de marché" dans un secteur donné ont été abondamment étudiées dans la littérature de l'économie Industrielle depuis la fin des années 1970, mais des études théoriques et empiriques de "pouvoir de marché dans les marchés électriques" n'ont été développées que récemment. Dans cette thèse, nous essayons de mener une recherche approfondie autour des questions de pouvoir de marché sur les marchés de gros de l'électricité en Europe. Nous conduisons des études empiriques dans deux des plus grands marchés européens: la France (sur des données 2009-2012) et l'Allemagne (sur des données de 2011), en utilisant des méthodes économétriques et des modèles de simulation des marchés électriques. Le sujet semble pertinent dans la période de transition énergétique en EuropeThe two last centuries have witnessed an exceptional revolution in the organization of electric power markets worldwide. The industry's organization has changed from vertically integrated monopolies under regulation to unbundled structures that favor market mechanisms; known as reform process in Europe. The shift to reliance on market prices, given concentrated structures and particular characteristics of electricity industry, raises a possibility that some firms could influence the market prices by exercising their market power. The issues of "market power" in a given industry have been abundantly employed in the literatureof Industrial Organization since the late 1970s but theoretical and empirical studies of "market power in electricity markets" have only been developed recently. In this thesis, we attempt to carry out an insight research around market power questions in deregulated wholesale electricity markets in Europe, as regarding the way of defining and measuring it. We carry out empirical studies in two of the biggest liberalized electricity markets in Europe: France (2009-2012's data) and Germany (2011's data), using econometric regressions and electricity simulation models as main methodologies. The subject is particularly relevant inthe context of energy transition in Europe (transition energetique in France and Energiewende in Germany)
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Vickery, D. Jason (David Jason) 1969. "REITs & market power : an analysis of market power theory and antitrust policy." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/70718.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 1998.Includes bibliographical references (leaves 30-31).
During the late 1980's and early 1990's, Real Estate Investment Trust ("REITs") accumulated large portfolios of properties. During this period, REITs were able to grow through acquisitions alone, arbitraging their low cost of capital relative to private asset valuations. This changed the real estate industry and for the first time, real estate entities have concentrated ownership in an industry traditionally characterized by fractionalized ownership. Today, there is tremendous pressure from the public markets for REITs to continue to grow. This has lead the management of REITs to seek alternative growth strategies. These strategies include cost economies of scale, branding, growth of non-real estate related revenue, vertical integration, and exertion of market power. This thesis studies market power in real estate, focusing specifically on whether REITs are currently exerting market power. The first part of the paper reviews the economic theory of market power and the antitrust laws. Economic concepts such as elasticity of supply, elasticity of demand, barriers to entry and market contestability are examined in a real estate context. The antitrust laws and the government's definitions of market power and relevant markets are reviewed and applied to the real estate industry.
by D. Jason Vickery.
S.M.
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Subramaniam, Thiagarajah Natchie. "Essays in Market Power Mitigation and Supply Function Equilibrium." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/321578.
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Market power mitigation has been an integral part of wholesale electricity markets since deregulation. In wholesale electricity markets, different regions in the US take different approaches to regulating market power. While the exercise of market power has received considerable attention in the literature, the issue of market power mitigation has attracted scant attention. In the first chapter, I examine the market power mitigation rules used in New York ISO (Independent System Operator) and California ISO (CAISO) with respect to day-ahead and real-time energy markets. I test whether markups associated with New York in-city generators would be lower with an alternative approach to mitigation, the CAISO approach. Results indicate the difference in markups between these two mitigation rules is driven by the shape of residual demand curves for suppliers. Analysis of residual demand curves faced by New York in-city suppliers show similar markups under both mitigation rules when no one supplier is necessary to meet the demand (i.e., when no supplier is pivotal). However, when some supplier is crucial for the market to clear, the mitigation rule adopted by the NYISO consistently leads to higher markups than would the CAISO rule. This result suggest that market power episodes in New York is confined to periods where some supplier is pivotal. As a result, I find that applying the CAISOs' mitigation rules to the New York market could lower wholesale electricity prices by 18%. The second chapter of my dissertation focuses on supply function equilibrium. In power markets, suppliers submit offer curves in auctions, indicating their willingness to supply at different price levels. Although firms are allowed to submit different offer curves for different time periods, surprisingly many firms stick to a single offer curve for the entire day. This essentially means that firms are submitting a single offer curve for multiple demand realizations. A suitable framework to analyze such oligopolistic competition between power market suppliers is supply function equilibrium models. Using detailed bidding data, I develop equilibrium in supply functions by restricting supplier offers to a class of supply functions. By collating equilibrium supply functions corresponding to different realizations of demand, I obtain a single optimal supply function for the entire day. Then I compare the resulting supply function with actual day-ahead offers in New York. In addition to supply function equilibrium, I also develop a conservative bidding approach in which each firm assumes that rivals bid at marginal costs. Results show that the supply functions derived from equilibrium bidding model in this paper is not consistent with actual bidding in New York. This result is mainly driven by the class of supply functions used in this study to generate the equilibrium. Further, actual offers do not resemble offers generated by the conservative bidding algorithm.
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Hatcher, Aaron. "Individual transferable quota markets with non-compliance and market power." Thesis, University of Surrey, 2008. http://epubs.surrey.ac.uk/843978/.
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This thesis presents a theoretical study of the impact of non-compliance and market power in a fishery regulated using individual transferable quotas (ITQs). The study analyses individual firm quota demands in the presence of non-compliance and/or market power and the resultant properties of the ITQ market. The analysis is static and set in a single-species fishery. The implications of non-compliance for a fishery composed entirely of competitive firms are examined first. Here the analysis departs from the convention in the literature on analogous pollution permit markets in that firms' expected penalties are modelled as a function of their relative violations of quotas. This has a significant effect upon the results, including the possibility of quota prices which are higher with non-compliance. The research then focuses on market power in the setting of a single dominant firm faced by a fringe of competitive firms. The dominant firm is allowed market power in the quota market alone and then in both quota and output markets simultaneously. In the latter case the results differ from those previously reported in the literature, including the possibility that the firm may be freely compliant, or if cheating, may have a positive quota demand even with a zero initial quota allocation. Finally, the effects of non-compliance by the dominant firm and the competitive fringe are explored.
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Sjöström, Magnus. "Factor Demand and Market Power." Doctoral thesis, Umeå universitet, Nationalekonomi, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-279.
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The objective of Paper [I] is to analyze potential effects on the Swedish forest sector of a continuing rise in the use of forest resources as fuel in energy generation. An increasing use of forest resources as an energy input may have effects outside the energy sector. In this paper we consider this by estimating a system of demand and supply equations for the four main actors on the Swedish roundwood market. In Paper [II], we estimate a dynamic factor demand model for the Swedish pulp industry. We find weak evidence of adjustment costs for capital. The results suggest that the user cost of capital is a significant determinant of pulp industry investments. We also find that pulp industry investments are insensitive to variations in the price of electricity. Paper [III] proposes a flexible form of adjustment cost function. An empirical illustration shows that the flexible form can detect both convex and non-convex adjustment costs. Furthermore, the flexible form permits testing for the experience effect on adjustment cost. The objective of paper [IV] is to analyze the price formation for wood fuel used by the Swedish district heating sector. According to previous research there is a significant potential for increasing the use of wood fuel in Sweden. The question raised in this paper is why this potential is not realized. According to our results we cannot reject the efficient market hypothesis for all years. The objective of Paper [V] is to test for market power on the market for biofuels. To achieve our objective we make use of the idea of Granger causality. If past values of quantity contribute significantly to the determination of price, quantity is said to Granger cause price, which we will treat as a sign of market power. According to our findings this effect is present.
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Sjöström, Magnus. "Factor demand and market power /." Umeå : Univ, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-279.
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Denton, Michael John 1955. "Market power in electric power markets: Indications of competitiveness in spatial prices for wholesale electricity." Diss., The University of Arizona, 1997. http://hdl.handle.net/10150/282522.
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The issue of market delineation and power in the wholesale electric energy market is explored using three separate approaches: two of these are analyses of spatial pricing data to explore the functional size of the markets, and the third is a series of experimental tests of the effects of different cost structures and market mechanisms on oligopoly strength in those markets. An equilibrium model of spatial network competition is shown to yield linear relationships between spatial prices. A data set comprising two years of spatial weekly peak and off-peak prices and weather for 6 locations in the Western States Coordinating Council and the Southwest Power Pool is subjected to a pairwise cointegration analysis. The use of dummy variables to account the the flow directions is found to significantly improve model performance. The second analytical technique utilizes the extraction of principal components from a spatial price correlation matrix to identify the extent of natural markets. One year of daily price observations for eleven locations within the WSCC is compiled and eigenvectors are extracted and subjected to oblique rotation, each of which is then interpreted as representing a separate geographic market. The results show that two distinct natural markets, correlated at 84%, account for over 96% of the variation in the spatial prices in the WSSC. Together, the findings support the assertion that the wholesale electricity market in the Western U.S. is large and highly competitive. The experimental analysis utilizes a radial three node network in which suppliers located at the outer nodes sell to buyers located at the central node. The parameterization captures the salient characteristics of the existing bulk power markets, and includes cyclical demand, transmission losses, as well as fixed and avoidable fixed costs for all agents. Treatments varied the number of sellers, the avoidable fixed cost structures, and the trading mechanism. Results indicated that sealed bid markets greatly reduced the ability of sellers to exert market power. Overall the existence of higher avoidable fixed costs tended to ameliorate market power effects.
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Brown, Kirstin V. (Kirstin Vareschi) 1969, and Steven A. 1971 Hickey. "REITs & market power : are public market pricing market power strategy? : an analysis of the apartment, retail and office sectors." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/64904.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 1998.Includes bibliographical references (leaves 97-99).
During the late 1980's and early 1990's, Real Estate Investment Trust ("REITs") accumulated large portfolios of properties. During this period, REITs were able to grow through acquisitions alone, arbitraging their low cost of capital relative to private asset valuations. This changed the real estate industry and for the first time, real estate entities have concentrated ownership in an industry traditionally characterized by fractionalized ownership. Today, there is tremendous pressure from the public markets for REITs to continue to grow. This has lead the management of REITs to seek alternative growth strategies. These strategies include cost economies of scale, branding, growth of non-real estate related revenue, vertical integration, and exertion of market power. This thesis studies market power in real estate, focusing specifically on whether REITs are currently exerting market power. The first half of the thesis determines the magnitude of REIT's current concentration of ownership, by cross referencing aggregate market data with individual REIT owned property data to arrive at market shares for individual REITs. The second half utilizes these market shares to determine whether public markets are capitalizing high market shares into stock prices and, therefore recognizing market power strategies.
by Kirstin V. Brown and Steven A. Hickey.
S.M.
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Liu, Ning. "Our Power over Our Power : A paradigm shift in thederegulated power market." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-235464.
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A higher share of renewable energy in power generation is one of most ambitious goals for sustainable development under the increasing pressure of climate change. On the deregulated electricity market in Sweden, the consumers are able to choose their electricity from a specific supplier and a specific energy source, which gives them the opportunity to execute their consumer power to have positive impacts on increasing energy efficiency and renewable electricity generation by stopping buying electricity produced from fossil fuels. A new paradigm is thus proposed in this paper which provides a new perspective on purchase of the product electricity. The new paradigm makes electricity a specified product for a specific customer, the electricity audited is never mixed with that not audited, because all electricity which is audited can be traced. The aim of this study is to provide a greater understanding of the new paradigm on the deregulated electricity market. By conducting a willingness to pay survey and several deep interviews, it analyzed the main factors hindering the customers’understanding of the new market dynamics in terms of active choice in ‘green’ electricity and stopping buying fossil electricity. The results and discussions show that the new paradigm could facilitate shedding light on some important implications for strategic decision making in power companies, for policy-makers as well as customers.
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Song, Baohui. "Market power and competitive analysis of China's soybean import market." Lexington, Ky. : [University of Kentucky Libraries], 2006. http://lib.uky.edu/ETD/ukyagec2006d00443/dissertation.pdf.
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Thesis (Ph. D.)--University of Kentucky, 2006.Title from document title page (viewed on July 18, 2006). Document formatted into pages; contains viii, 121 p. : ill. (some col.). Includes abstract and vita. Includes bibliographical references (p. 112-117).
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Fofana, Abdulai. "Market structure and measuring market power of UK salmon retailers." Thesis, University of Portsmouth, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.438814.
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Yamaura, Koichi. "Market power of the Japanese non-GM soybean import market." Thesis, Manhattan, Kan. : Kansas State University, 2008. http://hdl.handle.net/2097/827.
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Ramskogler, Paul. "Uncertainty, market power and credit rationing." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2007. http://epub.wu.ac.at/312/1/document.pdf.
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This paper explores the nexus between uncertainty and credit restrictions. A Post Keynesian approach to an explanation of access rationing to credit is developed and contrasted with the dominant relationship lending school. It is argued that access rationing to credit has be understood in terms of uncertainty and power. Differences in systemic uncertainty to which hetrogenous market participants are exposed can explain the reluctance of banks to lend to certain applicants. Monopsonistic power and uncertainty further help to understand why banks of a different size show differences in their lending behavior. (author's abstract)Series: Department of Economics Working Paper Series
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Parnandi, Silpa. "Power market analysis tool for congestion management." Morgantown, W. Va. : [West Virginia University Libraries], 2007. https://eidr.wvu.edu/etd/documentdata.eTD?documentid=5187.
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Thesis (M.S.)--West Virginia University, 2007.Title from document title page. Document formatted into pages; contains viii, 71 p. : ill. (some col.). Includes abstract. Includes bibliographical references (p. 68-71).
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Mabea, Geoffrey. "The economic benefits of market integration in the East Africa Power Markets." Thesis, University of Dundee, 2019. https://discovery.dundee.ac.uk/en/studentTheses/a361678d-d57f-4f5f-9c46-a237127d6b12.
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This thesis examines the prospects of creating a single East Africa electricity market, to enable the five examined countries (Kenya, Uganda, Tanzania, Rwanda, and Burundi) to move from the status quo (unintegrated electricity market). The research estimates the potential benefits of integrating these power markets through an introduction of an efficient congestions management system (Nodal pricing). The integration is expected to increase efficiency in electricity trade and allow power flow amongst the countries as well as allowing for penetration of abundant renewables. Since the current electricity markets are not integrated, the study brings a new dimension in which the five countries could benefit from cross-border trade through this type of market coupling. These benefits are likely to attract more investment in the power generation and associated transmission infrastructure. Given that the five countries have a low electricity access rate and weak transmission infrastructure, this thesis finds that if the markets are integrated, the welfare gain could be $2.6million/hr and high rate of electricity supply. The thesis first adopts a 17-bus system representing the major subsystem in the five countries. A detailed analysis of the changes in prices, congestion, and power flow between these nodes under constrained and unconstrained scenarios is also investigated. It thereafter expands the nodes into a 50-bus system, representing the major substations in the five countries and the economic benefit of integrating these markets estimated. These analyses are estimated using the optimal power flow model optimisations in GAMS software. The benefits of integrating these markets are $4.8million/hr, representing overall net welfare increases by 118 percent. This thesis proceeds to investigate the impact of adding renewable energy into the system in an integrated electricity market. In this model, a 50-bus system is adopted representing the current major substation in each country. This thesis finds that integration of large-scale renewable energy sources in various countries results in an average drop of LMPs by 3.9 percent. With full integration and adequate transmission network, total electricity generation from solar and wind could contribute to 11 percent of the total generation in the East African region. Interestingly, it is also revealed that a change of location of the resources could affect the overall economic welfare. This research further finds that the aggregate welfare loss arising from inadequate transmission capacity could be of $0.3 million. Our simulation finds that a transmission capacity of at least 200MW for all the lines could be robust to yield a high economic welfare. For the markets integration to be fully evaluated, the thesis develops a roadmap called Renewable Integration Continuum (RIC) as a model against which the East African Community (EAC) power market could set out in defining and establishing this robust integration. The final part of this thesis assesses the convergence of existing laws in support of the future integration. It is observed that substantial elements of the electricity laws in these various countries may need to be developed which, could especially promote regional power trade and increased competition. We also emphasize that appropriate regulatory frameworks should be developed and enforced under properly established institutions to ensure that market rules are followed. This could be achieved through establishment of a regional agency overseeing the implementation of the future power market integration. This agency would lead to the harmonisation of the laws and would promote the institutionalisation across the five East African countries. The research observes that investment in infrastructure and the necessity to create a regional independent regulatory body is a precondition for a stronger EAC electricity integration.
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Trøtscher, Thomas. "Large-scale Wind Power integration in a Hydro-Thermal Power Market." Thesis, Norwegian University of Science and Technology, Department of Electrical Power Engineering, 2007. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-9551.
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This master thesis describes a quadratic programming model used to calculate the spot prices in an efficient multi-area power market. The model has been adapted to Northern Europe, with focus on Denmark West and the integration of large quantities of wind power. In the model, demand and supply of electricity are equated, at an hourly time resolution, to find the spot price in each area. Historical load values are used to represent demand which is assumed to be completely inelastic. Supply is modeled according to the type of generation: Thermal generators are represented by piecewise linear, upward sloping, marginal cost curves. Historical wind generation data is used to model the fluctuating wind power output, and wind power is considered to have zero marginal cost. Hydro power is modeled by one aggregate reservoir for Norway and one for Sweden; the marginal cost of hydro power is set as a function of the difference between the reservoir level and the historical median reservoir level. Additionally, decentral combined heat and power plants in Denmark are considered to operate irrespective of the market. Six separate price areas constitute the model: Denmark West, Denmark East, Norway, Sweden/Finland, Germany, and Central Europe. The areas are modeled as having no internal bottlenecks and are connected by tie-lines constrained by active power limits. This report quantifies the impact the installed wind power capacity has on the power price in Denmark West by scaling up the wind power output in the model. Because wind power has a marginal cost close to zero, it will force prices down. The effect will be most prominent during high wind speed hours in a power system with substantial amounts of wind power. Results show that the impact is modest; average power prices fall by only 10% if the installed wind power capacity is doubled, and thermal generation will set the power price in all hours until wind energy exceeds 50% of domestic demand in Denmark. Since prices fall the most during hours with high wind power output, income to wind turbine owners will decline quickly as the installed capacity becomes large. The effect is most pronounced at wind energy shares above 40%, thereafter the income -- per MWh sold -- falls rapidly. In absence of government subventions, this effect will limit the economically viable level of installed wind power capacity. Expansion of the cross-border transmission capacity and higher thermal generation costs can both help offset the income reduction to wind turbine owners from higher wind power penetration. Alone, a 30% increase in thermal generation costs can allow 50% of wind energy and still retain todays income to wind turbine owners. Use of the Norwegian hydro reservoirs to balance out fluctuations in wind power output is found to stabilize and reduce the price. This benefits both consumers and wind turbine owners in Denmark. Expansion of transmission capacity to Norway will further stabilize the price; a new 1000MW cable lets the Danish market easily accomodate 50% wind energy. With lower and more volatile prices as a result of high wind power penetration, a load can profit by being flexible. Water electrolysis is one such load; it uses electricity to produce hydrogen, and production can quickly be ramped up and down in accordance with the power price. Presently, steam methane reforming is the least expensive method of producing hydrogen, but with higher wind power penetration, electrolysis might become competitive. Using a previously developed model to assess the cost of electrolysis, in combination with the power market model developed here, this report finds that wind energy must exceed 85% of domestic demand in Denmark, combined with higher natural gas prices, for electrolysis to break even with steam methane reforming.
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Listermar, Magnus, and Andreas Friberg. "Market power relationships among life insurance intermediaries : The power of giants." Thesis, Stockholms universitet, Finansiering, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-78605.
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The imposed commission ban to Finnish insurance intermediaries has generated some controversy and the intermediary market has experienced consolidation in the few last years. The thesis examines the relationship between market structure and profitability among Finnish life insurance intermediaries and tests for the applicability of two market power hypotheses. The panel data analysis shows that there is support for the Relative Market Power hypothesis while the Structure-Conduct-Performance hypothesis is not applicable for Finnish life insurance intermediaries. The implication of this research is that competition authorities should be concerned with market structure effects when discussing changes to the regulatory environment which surrounds life insurance intermediaries.
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Lundgren, Jens. "Market liberalization and market integration : Essays on the Nordic electricity market." Doctoral thesis, Umeå universitet, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-61605.
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This thesis consists of four self-contained papers related to the Nordic electricity market. Paper [I] examine how the reform of the Nordic electricity markets has affected competition in the electric power supply market, Nord Pool. The question is if the common power market has been competitive or if electric power generators have had market power during the period 1996 -2004. Moreover, since there was a stepwise evolution from national markets to a multinational power market, we also ask how the degree of market power has evolved during this integration process. The results show that electric power generators have had a small, but statistically significant, degree of market power during the whole period. However, studying the integration effect, i.e. how the market power has been affected by additional countries joining Nord Pool, it show that the degree of market power has been reduced and finally vanished as the market has expanded and more countries joined the collaboration. Paper [II] analyse how the deregulation of the Swedish electricity market has affected the price of electric power and how the change in electric power price, in turn, has affected consumers’ welfare. The result shows that the change in pricing principle of electric power following the deregulation has increased consumer welfare over the period studied (1996-2006), with welfare gains about 100 SEK per customer per year, indicating a three per cent welfare gain for the average customer. Paper [III] study whether (and to what extent) the multinational electricity market integration has affected the price dynamics at the Nordic power exchange. The results shows that a larger electricity market seems to reduce the probability of sudden price jumps, but also that the effect on volatility seem to depend on the characteristics, i.e. production structure, of the integrated markets. In Paper [IV] a two-stage study is conducted to investigate the extent to which shocks in the demand and supply for electricity translate into price jumps, and the extent to which this process is affected by the prevailing market structure. The main findings from the study is that whether demand and supply shocks translate into price jumps largely depends on the prevailing market structure, i.e. on how far the market works from capacity constraints. A notable feature of the empirical analysis is also that the marginal effects from positive demand and negative supply shocks on the jump probabilities are mostly insignificant and of small magnitude.
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Noriega, Odor Maria Alejandra. "Optimal Transmission Switchingfor Reducing Market Power Cost." Thesis, KTH, Elektriska energisystem, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-104294.
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The conventional transmission planning tends to focus exclusively on efficiency benefit, allowing cheaper remote generation to have priority dispatch over expensivelocal generation (least cost approach). Because of this nowadays deregulatedmarkets face the problem that their systems affect the competitiveness of players,giving room for players to exercise market power.The purpose of this study is to develop a mathematical model that quantitiesthe generation cost and reduces market power, by minimizing the social cost andrestraining producers from withholding generation capacity. To do this, deterministicoptimal transmission switching is proposed, together with a Worst-NashEquilibrium (WNE) optimization, to quantify the social cost.This study considers the transmission switch formulation based on the DCOptimal Power Flow (DCOPF) presented by Schmuel S. Oren as a Mixed-Integerlinear Program (MIP). This formulation employs binary variables to representthe state of the transmission line. The effects of transmission switching withcontingency analysis are also considered in the DCOPF formulation.To include market power cost reduction in our problem, the social cost ofthe system is modeled considering WNE, which maximizes the social cost usinglinearization. The formulation includes strategic generators that might chooseto withhold some of their output and non-strategic generators. This under thecondition that the profit of a portfolio with a strategic generator under NashEquilibrium is always greater than the profit of a portfolio where the offers areconstant.A 14-node example system is studied where the effciency benefits and competitionbenefits of transmission capacity by optimal transmission switching areconsidered. The results demonstrate that the utilization of the proposed methodincrease economic benefit and improves competitiveness in the electricity market.
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Bervejillo, Jones Guillermo. "Performing market power in U.S. antitrust regulation." Thesis, University of British Columbia, 2016. http://hdl.handle.net/2429/59558.
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Antitrust regulation was established in the United States in response to growing public concern about the corrosive economic power of monopolies and robber barons in the late 19th century (Rowe, 1983). Underlying these concerns and those of academic commentators dating back to the birth of the modern corporation in the mid-1800s (Barkan, 2013), was the idea that corporations could hold “power” which they could abuse to society’s detriment. But what specifically is meant by this notion of power?
In contemporary antitrust regulation, this form of power is referred to as “market power” and it is conceptualized as a firm’s ability to profitably set and hold prices above those that would prevail in a competitive market. The market power model underlies regulatory decisions with widespread economic impact and it has shaped the scope and form of antitrust regulation. In this thesis I argue that rather than a simple description of an actually-existing state of affairs, the market power model is an active force transforming its environment (MacKenzie, 2006). That is, the market power model rearranges economic truths through the routine standards, procedures, and analytical tools upheld by the US Department of Justice. These performative practices are laid bare in the revisions of the Department’s Merger Guidelines, which reveal how the market power model structures the world that antitrust practitioners can feasibly interact with.Arts, Faculty of
Geography, Department of
Graduate
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Kuang, Chen, Jin Ying, and Li Yumin. "Energy Crisis : wind Power Market in China." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-10865.
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Purpose/aim The aim is to explore which price policy of the Chinese wind power is the most suitable for the market. Design/methodology/approach Data has been collected through questionnaires. The analysis includes the statistical test in form of chi-square. Additionally the whole thesis followed the onion process put forward by Saunders. Findings The analysis showed that the price policy which is based on the local price of coal is more suitable for the market than the price policy decided by concession projects. Originality/value An original idea is given the relationship between ages, education levels and two policies. Further, the empirical data is collected from a comprehensive online-forum, so that the samples are randomly selected. The data shows that the businesses which want to enter the Chinese wind power market should choose the price policy which is based on the local price of coal. This choice should be useful in the real life.
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Guigue, Etienne. "Market Power and Frictions in Supply Chains." Electronic Thesis or Diss., Institut polytechnique de Paris, 2023. http://www.theses.fr/2023IPPAG009.
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Cette thèse vise à mieux comprendre le rôle du pouvoir de marché et de la concurrence imparfaite dans les relations entre fournisseurs et acheteurs opérant dans des chaînes de valeur mondiales et nationales entrelacées. Cette recherche s'appuie sur des outils empiriques et théoriques, appliqués à l'industrie laitière française et aux industriels importateurs français.Le Chapitre 1 propose une nouvelle méthodologie pour estimer séparément le pouvoir de marché à l'achat et à la vente, appliquée aux transformateurs de produits laitiers en France. Ces entreprises exercent du pouvoir de marché à l'achat lorsqu'elles achètent du lait cru et à la vente lorsqu'elles commercialisent des produits laitiers. L'analyse est basée sur des données individuelles d'entreprises, où les prix et les quantités de lait cru par origine côté achat et par produit côté vente sont observés de 2003 à 2018. Les marges totales sont estimées via une approche « fonction de production ». L'existence d'un produit de base (i) substituable en tant qu'intrant ou en tant que produit, et (ii) échangé sur les marchés mondiaux où les transformateurs laitiers français sont preneurs de prix, permet ensuite d'estimer séparément les marges de chaque entreprise à l'achat, par origine, et à la vente, par produit. Les résultants indiquent que les entreprises laitières achètent en moyenne le lait cru à un prix inférieur de 16% à sa contribution marginale à leurs bénéfices, et vendent les produits laitiers à un prix supérieur de 41% à leurs coûts marginaux. Une analyse de la transmission des chocs de coûts des agriculteurs et des transformateurs sur la chaîne d'approvisionnement révèle que ces chocs sont partiellement absorbés par les transformateurs. En ajustant leurs marges, les transformateurs lissent les variations de revenu des agriculteurs mais détournent en moyenne 65% de leurs subventions.Le Chapitre 2 analyse l'impact des quotas de production et de leur suppression progressive sur le marché du lait en France, montrant que les quotas ont généré deux types de distorsions. Premièrement, en fixant mécaniquement les parts de production des départements français à leurs niveaux pré-quotas (1984), les quotas ont stoppé une concentration spatiale naturelle pendant environ 25 ans, un processus qui a repris après le début du retrait progressif des quotas en 2008. Deuxièmement, le système de quotas a favorisé la croissance des petites exploitations mais limité l'expansion des plus grandes, freinant ainsi des inégalités jusqu'alors croissantes entre fermes, mais au prix d'une distorsion de l'écrémage concurrentiel des exploitations laitières. Enfin, le processus de rattrapage dans la sélection des exploitations post-quotas est intervenu plus ou moins tôt dans les départements, en fonction de la contrainte imposée par les quotas au niveau local. Ces observations sont rationalisées à l'aide d'un modèle de concurrence parfaite entre exploitations hétérogènes.Le Chapitre 3 quantifie le pouvoir de marché des entreprises à l'achat d'intrants et évalue ses effets agrégés. Le chapitre présente une stratégie empirique visant à estimer le pouvoir de marché à l'achat de produits intermédiaires importés ou achetés localement, sans imposer d'hypothèses sur d'autres marchés d'intrants, et utilisant des données standard de commerce international et de production. Ce chapitre montre que les entreprises manufacturières françaises exercent une marge moyenne à l'achat de 1,49 sur les intrants importés et de 1,59 sur les intrants achetés localement, révélant un pouvoir de marché à l'achat significatif sur les deux types d'intrants. Les conséquences en termes de bien-être sont ensuite explorées avec un modèle d'équilibreThis dissertation aims to better understand the role of market power and competition frictions between suppliers and buyers in intertwined global and national supply chains. This research leverages empirical and theoretical tools applied to the French dairy industry and French manufacturing importers.Chapter 1 suggests a new methodology to separately estimate firm buyer and seller power, which is important for policy-making but challenging, and apply it to French dairy processors. These firms exert buyer power when purchasing raw milk, and seller power when marketing dairy products. The analysis is based on plant-level data on dairy firms, with observations on prices and quantities of raw-milk input by origin and output by product from 2003 to 2018. Total margins are estimated relying on a production function approach. The existence of a commodity, (i) substitutable as an input or as an output, and (ii) exchanged on global markets where firms are price-takers, then allows separately estimating firm-origin markdowns and firm-product markups. The methodology can also be useful in other contexts, with more limited data. Markdown estimates imply that dairy firms on average purchase raw milk at a price 16% below its marginal contribution to their profits, while markup estimates indicate that firms sell dairy products at a price exceeding their marginal costs by 41%. This chapter also analyzes how exogenous farmer and processor cost shocks pass through the supply chain. Processors partially absorb such shocks by adjusting markups and markdowns, thus smoothing variations in farmer revenues. It further implies that 65% of subsidies are currently diverted from farmers due to processor buyer power.Chapter 2 analyzes the impact of production quotas and their progressive removal in the French milk market, showing that production quotas generated two types of distortions. First, by mechanically fixing production shares across French départements at their pre-quota (1984) level, quotas stopped a natural spatial concentration for about 25 years, a process that restarted right after the start of the progressive quota removal in 2008. Second, the design of the quota system spurred the growth of small farms while constraining the expansion possibilities of larger farms. This redistributive scheme thus successfully refrained inequalities among farms growing until then, yet at the cost of distorting the competition-led cream-skimming of farms. Results finally show how the catching-up process in farm selection following the quota removal intervened more or less early across départements, depending on the stringency implied by quota constraints at the local level. These observations are rationalized with a simple model of perfect competition between heterogeneous farms.Chapter 3 quantifies buyer power in input trade and evaluates its aggregate effects. The developed empirical strategy for estimating importer buyer power from standard trade and production data does not rely on assumptions about other input markets. The results show that French manufacturing firms exert an average markdown of 1.49 on imported inputs and of 1.59 on domestically purchased inputs, revealing their significant buyer power in both markets. The welfare implications are then explored using an equilibrium model
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Bergman, Mats. "Market structure and market power : the case of the Swedish forest sector." Doctoral thesis, Umeå universitet, Institutionen för nationalekonomi, 1993. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-100717.
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The Swedish forest sector is analyzed, using methods drawing on traditional (forest) market analysis and industrial organization literature. Models based on economic theory are tested empirically with time-6eries data. Paper [1] deals with how the pulp and paper industry manages wood supply risk. It appears as if the import of wood is not counter-cyclical to the domestic supplies of wood. Instead, the inventory is used to absorb unexpected shifts in supply. In paper [2], the supply behaviour is compared between different categories of forest owners. The supply elasticities with respect to prices are found to be much smaller in this study, which is based on quantities of thinning wood and final felling wood, than in other studies using pulpwood and sawtimber quantities. Only small differences are found between owner categories. Paper [3] attempts to estimate parametrically the market power (the ‘markdown’) of the assumedlv monopsonistic pulp and paper industry, using a restricted Generalized Leontief (GL) profit function to model the production structure. The hypothesis of a competitive market can be rejected, when the alternative hypothesis is a variable degree of market power. Paper [4] clarifies some notions raised by the use of the restricted GL profit function. A specification of the profit fuction is proposed, where linear homogeneity in the fixed factor is nested in the non-homogeneous case. The final paper [5] explores the weakening of a natural resource monopsony’s market power, if time-consistency (or subgame-perfection) is required in a two- period model. The analysis resembles that of a monopoly selling a durable good (Coase conjecture). The monopsony does loose market power, but its position is strengthened if the resource is renewable or if it grows between periods.Diss. (sammanfattning) Umeå : Umeå universitet, 1993, härtill 5 uppsatser
digitalisering@umu
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Bautista, Alderete Guillermo. "Alternative Models to Analyze Market Power and Financial Transmission Rights in Electricity Markets." Thesis, University of Waterloo, 2005. http://hdl.handle.net/10012/825.
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One of the main concerns with the introduction of competition in the power sector is the strategic behaviour of market participants. Computable models of strategic behaviour are becoming increasingly important to understand the complexities of competition. Such models can help analyze market designs and regulatory policies. In this thesis, further developments on the modelling and analysis of strategic behaviour in electricity markets are presented. This thesis work has been conducted along three research lines. In the first research line, an oligopolistic model of a joint energy and spinning reserve market is formulated to analyze imperfect competition. Strategic behaviour is introduced by means of conjectured functions. With this integrated formulation for imperfect competition, the opportunity cost between generation and spinning reserve has been analytically derived. Besides, inter-temporal and energy constraints, and financial transmission rights are taken into account. Under such considerations, competition in electricity markets is modelled with more realism. The oligopolistic model is formulated as an equilibrium problem in terms of complementarity conditions.
In the second research line, a methodology to screen and mitigate the potential exacerbation of market power due to the ownership of financial transmission rights is presented. Hedging position ratios are computed to quantify the hedging level of financial transmission rights. They are based on the actual impact that each participant has in the energy market, and on the potential impact that it would have with the ownership of financial transmission rights. Thus, hedging position ratios are used to identify the potential gambling positions from the transmission rights bidders, and, therefore, used to prioritize critical positions in the auction for transmission rights.
In the last research line, alternative equilibrium models of markets for financial transmission rights are formulated. The proposed equilibrium framework is more natural and flexible for modelling markets than the classic cost-minimization markets. Different markets for financial transmission rights are modelled, namely: i) forwards, ii) options, and iii) joint forwards and options. Moreover, one-period, multi-period and multi-round markets for forwards are derived. These equilibrium models are proposed to analyze the bidding strategies of market participants. The potential impact of bidders on congestion prices is modelled by means of conjectured transmission price functions.
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Tham, Poh Weng Electrical Engineering & Telecommunications Faculty of Engineering UNSW. "Managing market risks in the Australian national electricity market." Awarded by:University of New South Wales. School of Electrical Engineering & Telecommunications, 2005. http://handle.unsw.edu.au/1959.4/20834.
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The restructuring of many national and state electricity industries over the last two decades has created new sets of laws and regulations, market design and participants. Along with those changes, industry risks have also been transformed significantly. Prior to restructuring, government-owned or carefully regulated monopoly private utilities would manage most of these industry risks. With restructuring, however, both the government, through their market regulators, and industry participants need to manage a range of previous,, yet also now new, risks. While the government???s risk management strategy is focused on the industry as a whole, participants are naturally more concerned with their individual risks. The Australian National Electricity Market (NEM) is one of the many electricity markets that were formed through the restructuring process underway worldwide. It created a number of new types of market participants facing different sets of risks. The main objective of this thesis is to examine the management of market risk by these different NEM participants. The methodology used in the thesis involves developing a fundamental understanding of electricity restructuring, the NEM and the various risks faced by the different NEM participants. Data on NEM spot prices, ancillary costs and forward prices are analysed to gain a better understanding of its relationship with market activities. Different risk management strategies, both proactive and reactive, that can be taken by the participants are discussed This thesis has highlighted some of the complexities involved in managing risks in a restructured electricity industry. Risks are never static and changes in market conditions alter the risk exposure of the participants. Therefore, participants will need to constantly monitor their risk exposure and update their risk management strategies. The Cash-Flow-at-Risk methodology is introduced as a possible tool to measure risk and analyse risk management options for different NEM participants.
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Gunnvald, Patrik, and Viktor Joelsson. "Analysis of Hedging Strategies for Hydro Power on the Nordic Power Market." Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-164519.
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Hydro power is the largest source for generation of electricity in the Nordic region today. This production is heavily dependent on the weather since it dictates the terms for the availability and the amount of power to be produced. Vattenfall as a company has an incentive to avoid volatile revenue streams as it facilitates economic planning and induces a positive effect on its credit rating, thus also on its bottom line. Vattenfall is a large producer of hydro power with a possibility to move the power market which adds further complexity to the problem. In this thesis the authors develop new hedging strategies which will hedge more efficiently. With efficiency is meant the same risk, or standard deviation, at a lower cost or alternatively formulated lower risk for the same cost. In order to enable comparison and make claims about efficiency, a reference solution is developed that should reflect their current hedging strategy. To achieve higher efficiency we focus on finding dynamic hedging strategies. First a prototype model is suggested to facilitate the construction of the solution methods and if it is worthwhile to pursue a further investigation. As this initial prototype model results showed that there were substantial room for efficiency improvement, a larger main model with parameters estimated from data is constructed which encapsulate the real world scenario much better. Four different solutions methods are developed and applied to this main model setup. The results are then compared to reference strategy. We find that even though the efficiency was less then first expected from the prototype model results, using these new hedging strategies could reduce costs by 1.5 % - 5%. Although the final choice of the hedging strategy might be down to the end user we suggest the strategy called BW to reduce costs and improve efficiency. The paper also discusses among other things; the solution methods and hedging strategies, the term optimality and the impact of parameters in the model.
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Hjelm, Daniel, Emanuel Wreeby, and Anton Sjöström. "Aggregation and power forecasting for the CoordiNet power flexibility market in Uppsala." Thesis, Uppsala universitet, Institutionen för materialvetenskap, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-445610.
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In the region of Uppland, a shortage of electric power during cold days has emerged during the past years by virtue of the electrification of the society and industry in general. As a result, a power flexibility market managed by the CoordiNet project has commenced to hopefully create a more reliant, eco-friendly and accessible electricity supply. Uppsala kommun wishes to participate in the market but needs a solution for communication between market and technology and smart control methods. In this project, the solution to the problem, consisting of a mobile app, API, database, server and deep learning model, almost meets the requirements to participate on the market this autumn. With more time and resources, the product can hopefully be completed, enabling both economic and city growth in the region.
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Stamtsis, Giorgos. "Power transmission cost calculation in deregulated electricity market." [S.l.] : [s.n.], 2004. http://deposit.ddb.de/cgi-bin/dokserv?idn=970518412.
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Nan, Ke. "Wind power in the New Zealand electricity market." Thesis, University of Auckland, 2012. http://hdl.handle.net/2292/18053.
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The investigation of wind energy describes a potential way forward in electricity generation in New Zealand. To meet the future demands of end users, the management of the uncertainty in wind power needs to be developed along with the integration into the power system. This thesis studies probabilistic models of wind power prediction in the short term period. Previous research topics pertaining to wind power demonstrate an understanding of its persistence and uncertainty properties. Several issues that the researchers consider to be relevant are studied before a new statistical model for wind power behaviour is derived. For example, the basic summary of the time series detects an autocorrelation with time lags; correlations to market factors reveal the general relationships between wind power and market components with different measurements and time frames; a Weibull model, using the case of Tararua wind farm, identifies the variability levels of wind power transformed from wind speed; a Double Exponential distribution (DEPD) characterises the wind power change which is conditional on present power information. When examining the conditional probability in extracted smoothing subsets, exercises relating to probabilistic models suggest an advanced Mixture Beta model (PBMB) that combines the accuracy of the non-parametric model and the modelling efficiency of the parametric model. Considering the power boundaries as additional variables, an improved model enhances the accurate forecasting from two sides, the probabilistic and the time series. To validate the proposed models, simulations of historical wind power and prospective national planning are implemented. The stochastic behaviour of wind power in a small market penetration can be concluded from the summarized results depending on average wind capacity factor. However, a large scale of wind power leads to different consequences. The average generation and variation of the wind power become instable in the long time periods. Further practical evidences need to be tested to form a conclusion. The integration of simulated wind power into the New Zealand power system develops the investigation into wind power models to impact upon the systematic interaction, which is complex. The dispatch model (SWDM), in which wind power is one of input variables in association with information related to the national grid, optimises the electricity operations. The market reflection of energy flows, operational constraints and economic realisation is substantially influenced by wind uncertainty, especially during peak-load time periods.
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Ahlgren, Markus. "Internal Market Risk Modelling for Power Trading Companies." Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-173917.
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Since the financial crisis of 2008, the risk awareness has increased in the -financial sector. Companies are regulated with regards to risk exposure. These regulations are driven by the Basel Committee that formulates broad supervisory standards, guidelines and recommends statements of best practice in banking supervision. In these regulations companies are regulated with own funds requirements for market risks. This thesis constructs an internal model for risk management that, according to the "Capital Requirements Regulation" (CRR) respectively the "Fundamental Review of the Trading Book" (FRTB), computes the regulatory capital requirements for market risks. The capital requirements according to CRR and FRTB are compared to show how the suggested move to an expected shortfall (ES) based model in FRTB will affect the capital requirements. All computations are performed with data that have been provided from a power trading company to make the results fit reality. In the results, when comparing the risk capital requirements according to CRR and FRTB for a power portfolio with only linear assets, it shows that the risk capital is higher using the value-at-risk (VaR) based model. This study shows that the changes in risk capital mainly depend on the different methods of calculating the risk capital according to CRR and FRTB respectively and minor on the change of risk measure.I samband med finanskrisen 2008 har riskmedvetenheten ökat i den finansiella sektorn. Företag regleras mot riskexponering av föreskrifter som drivs av Baselkommittén, de utformar tillsynsstandarder och riktlinjer samt rekommenderar åtgärder av bästa praxis. I dessa föreskrifter regleras företag av kapitalbaskrav mot marknadsrisker. I det här examensarbetet beskrivs processen för att ta fram en intern riskmodell, enligt "Capital Requirements Regulation"(CRR) respektive Fundamental Review of the Trading Book"(FRTB), för att beräkna de lagstadgade kapitalkraven mot marknadsrisker. Kapitalbaskraven enligt regelverken jämförs för att förstå hur det föreslagna bytet till en expected shortfall (ES) baserad modell i FRTB kommer att påverka kapitalbaskraven. I alla beräkningar anv änds data från ett elhandelsföretag för att göra resultaten mer intressanta och verklighetsanpassade. I resultatdelen, vid jämförelse av riskkapitalkraven enligt CRR och FRTB för en energiportfölj med endast linjära tillgångar kan det ses att riskkapitalet blir högre med en value-at-risk (VaR) baserad modell. Den viktigaste upptäckten med detta är att skillnaden i riskkapitalkraven inte främst beror på de olika riskmåtten utan snarare de olika metoderna för att beräkna riskkapitalet enligt CRR och FRTB.
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Alturki, Yasir A. A. "Real and reactive power allocations in electricity market." Thesis, University of Strathclyde, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.436830.
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Bourlakis, Constantine A. "Profits and market power in Greek manufacturing industries." Thesis, University of East Anglia, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.306117.
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The traditional approach to antitrust, associated with the Harvard school, regards monopoly as a mechanism that reduces consumers' surplus, while the view held by the Chicago school suggests that a large firm market share reflects superior competitive performance and, if it is not the result of collusion, its effect on allocative efficiency is a rather non - malignant one. We attempt to evaluate the two antitrust approaches within the context of Greek manufacturing industries, and the novelties in the present thesis lie in bringing into the examination of the Harvard - Chicago debate a number of issues that have been treated as separate attempts to unveil the competitive process in the U.S. and the U.K., but never included together within a single comprehensive study. This is achieved by analyzing the profits - concentration relationship over a number of years, the influence of firm and industry characteristics on the determination of profit rates, growth and survival patterns of firms taking into consideration sample selection bias problems, the persistence of manufacturing profitability oyer time, the structural firm and industry determinants of leading firms' profitability and the importance of multinational corporations. Our main empirical findings reveal that large firms and more concentrated markets in Greece are no more profitable than smaller firms and less concentrated markets respectively, and although they refute the extreme forms of the market power and efficiency hypotheses, market power did hold sway in a number of circumstances and its role plays a greater part in the behaviour of manufacturing industries and firms in Greece. Greek antitrust authorities should be concerned with firms' strategic behaviour related to the restriction of competition in more concentrated markets, ane on the above grounds, we do not recommend a deconcentration policy per se, bu' intervention when the competitive functioning of markets is unfairly hindered
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McCulloch, Ryan James. "A Distributed Power Market for the Smart Grid." Thesis, North Dakota State University, 2012. https://hdl.handle.net/10365/26809.
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To address the challenges of resource allocation in the Smart Electrical Grid a new power market is proposed. A distributed and autonomous contract net based market system in which participants, represented by the agents, engage in two distinct yet interconnected markets in order to determine resource allocation. Key to this proposed design is the 2 market structure which separates negotiations between consumers and reliable generation from negotiations between consumers and intermittent energy resources. The first or primary market operates as a first price sealed bid reverse auction while the second or secondary market utilizes a uniform price auction. In order to evaluate this new market a simulator is developed and the market is modeled and tested within it. The results of these tests indicate that the proposed design is an effective method of allocating electrical grid resources amongst consumers, generators, and intermittent energy resources with some feasibility and scalability limitations.
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Schneider, Ian Michael. "Market design opportunities for an evolving power system." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/128639.
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Thesis: Ph. D. in Social and Engineering Systems, Massachusetts Institute of Technology, School of Engineering, Institute for Data, Systems, and Society, February, 2020Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 117-126).
The rapid growth of renewable energy is transforming the electric power sector. Wind and solar energy are non-dispatchable: their energy output is uncertain and variable from hour-to- hour. New challenges arise in electricity markets with a large share of uncertain and variable renewable energy. We investigate some of these challenges and identify economic opportunities and policy changes to mitigate them. We study electricity markets by focusing on the preferences and strategic behavior of three different groups: producers, consumers, and load-serving entities. First, we develop a game-theoretic model to investigate energy producer strategy in electricity markets with high levels of uncertain renewable energy. We show that increased geographic dispersion of renewable generators can reduce market power and increase social welfare. We also demonstrate that high-quality public forecasting of energy production can increase welfare. Second, we model and explain the effects of retail electricity competition on producer market power and forward contracting. We show that increased retail competition could decrease forward contracting and increase electricity prices; this is a downside to the general trend of increased access to retail electricity competition. Finally, we propose new methods for improving demand response programs. A demand response program operator commonly sets customer baseline thresholds to determine compensation for individual customers. The optimal way to do this remains an open question. We create a new model that casts the demand response program as a sequential decision problem; this formulation highlights the importance of learning about individual customers over time. We develop associated algorithms using tools from online learning, and we show that they outperform the current state of practice.
by Ian Michael Schneider.
Ph. D. in Social and Engineering Systems
Ph.D.inSocialandEngineeringSystems Massachusetts Institute of Technology, School of Engineering, Institute for Data, Systems, and Society
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Polk, Andreas, and Volodymyr Bilotkach. "The assessment of market power of hub airports." Elsevier, 2013. https://publish.fid-move.qucosa.de/id/qucosa%3A73718.
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Airport regulation regimes are under revision in many countries. The decision about the extent of airport regulation is based on an economic analysis of market power, which is done in two steps. The first step involves defining the relevant markets the airport is operating on. This in turn is based on an economic analysis of the particular circumstances of the airport, and must be compatible with competition law. The second step consists of the evaluation of the airport's competitive position in all identified markets. Due to industry particularities, many diverse issues must be taken into account in this process, such as questions of upstream and downstream market interaction, airport congestion, peak-load pricing, or offsetting bargaining power. Many of these questions have been theoretically analyzed in the industrial organization literature, but have only rarely been applied in practical competition analysis with respect to airports. This paper builds a bridge between the theoretical insights and their practical application to airport regulation policy. We derive the principles for a sound economic analysis of the market power of airports, given the time and data constraints encountered in practice by the regulatory authorities and other involved parties, and propose a general framework for the analysis of market power of airports. We focus on hub airports, as the analysis of these gateways covers all the relevant issues, including countervailing power of the hub operator.
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Williams, Glen R. "Drexel Burnham Lambert, underwriting fees, and market power." [Gainesville, Fla.] : University of Florida, 2004. http://purl.fcla.edu/fcla/etd/UFE0006180.
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Gonçalves, Adalto Barbaceia. "Three essays on trade credit and market power." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17241.
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This thesis addresses a fundamental question about trade credit: does market power matter? We answer this question by developing a theoretical framework and researching the empirical impact of market power in trade credit. Our work is organized in three essays. After the introduction section, the first essay encompasses a thorough selected literature review including 85 articles. The majority of this works were published in the last two decades in top ranked journals. Their findings are classified according to the theoretical approach and empirical results pros and cons. Our objective in this chapter is to shed light on the major conclusions and controversies in the state of art regarding trade credit extension. In our second essay we develop a theoretical model to explain the impact of market power in the product market and financial constraints on trade credit extension. Our model is based on a rational profit maximizing firm operating with a certain some market power represented by the price elasticity of its product and with customers presenting a certain degree of financial constraint which reflects in their trade credit term-sensitivity of demand. Besides showing the detailed deduction of this model using a non-linear programming approach (Kuhn-Tucker) we finish this chapter by showing the model implications compared to the trade credit literature. Finally in the third essay we investigate whether market power in the product market affects trade credit decisions. We exploit the 2007-08 credit crisis in the U.S. as an exogenous source of variation in firm external financing conditions, which in turn affects the firms’ ability to exert product market power towards their clients and suppliers. We find that firms with high market power increase their net trade credit days by more than 6 days relatively to firms with low market power during the financial crisis. This effect is economically significant as it represents more than 11% of the median receivable days of the firms in our sample. Our results contribute with the previous literature by documenting an effect of product market competition on trade credit decisions and by bringing into discussion a new dimension that is controversial in the trade credit literature.
Esta tese aborda uma questão fundamental sobre crédito comercial (trade credit): afinal, poder de mercado importa? Respondemos a esta questão através do desenvolvimento de um modelo teórico e pesquisando empiricamente o impacto do poder de mercado em crédito comercial. Nosso trabalho está organizado em três ensaios. Após a seção de introdução, o primeiro ensaio engloba uma minuciosa revisão da literatura selecionada incluindo 85 artigos. A maior parte destes trabalhos foi publicada nas duas últimas décadas em revistas acadêmicas de primeira linha. Os principais resultados destes artigos são classificados de acordo com a abordagem teórica e mostrando prós e contras em resultados empíricos. Nosso objetivo neste capítulo é lançar luz sobre as principais conclusões e controvérsias no estado da arte em matéria de concessão de crédito comercial. Em nosso segundo ensaio, desenvolvemos um modelo teórico para explicar o impacto do poder de mercado e restrições financeiras na extensão do crédito comercial. Nosso modelo é baseado em uma empresa racional que maximiza lucro e opera com determinado poder de mercado representado pela elasticidade-preço de seu produto e com os clientes apresentando certo grau de restrição financeira que reflete em sua sensibilidade de demanda em relação ao prazo do crédito comercial tomado. Além de mostrar a dedução detalhada deste modelo usando uma abordagem de programação não linear (Kuhn-Tucker), concluímos este capítulo, mostrando as implicações de modelo em comparação com a literatura crédito comercial. Finalmente, no terceiro ensaio, investigamos se poder de mercado afeta decisões de concessão de crédito comercial. Exploramos a crise de crédito de 2007-08 nos EUA como um choque exógeno na variação das condições de financiamento externo das firmas, que por sua vez afeta a capacidade das empresas para exercerem poder de mercado em relação aos seus clientes e fornecedores. Nossos dados mostram que as empresas com maior poder de mercado aumentam o prazo líquido de crédito comercial por mais de seis dias em relação a empresas com baixo poder de mercado durante a crise financeira. Este efeito é economicamente significante, pois representa mais de 11% da mediana do prazo médio de recebimento das empresas em nossa amostra. Nossos resultados contribuem com a literatura, documentando o efeito de concorrência no mercado do produto em decisões de crédito comercial e coloca em discussão uma dimensão que ainda gera conclusões controversas na literatura.
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Strasburg, Jessica. "Market power in maritime transport of Brazilian imports." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20660.
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Market power is present in shipping industry as carriers are able to charge freights above their marginal costs due to presence of markup related variables – import elasticities, low competition among trade routes and import tariffs. The present work presents OLS and fixed effects estimations for the impact of each markup related variables for freights in Brazil, as well as some insight about the sources of market power across economic sectors and trade partners. Tariffs seem to play the most important role in enabling higher freights, although all other variables are shown to also matter. Import elasticities have a negative impact on market power, and their coefficients are very significant for industrial goods. The number of carriers competing on a route also tends to diminish freights. Despite showing positive elasticity to freights in all sectors, distances are only definite for import freights of agricultural products.
O poder de mercado está presente na indústria de transporte marítimo à medida que as transportadoras conseguem cobrar fretes acima de seus custos marginais devido à presença de variáveis relacionadas ao mark-up – elasticidades de importação, baixa competição nas rotas comerciais e tarifas de importação. O presente trabalho apresenta estimativas feitas por MQO e por efeitos fixos para os impactos de cada variável relacionada ao mark-up nos fretes no Brasil, além de apresentar alguns insights sobre as fontes de poder de mercado nos diferentes setores econômicos e para cada parceiro comercial. As tarifas parecem exercer o papel mais importante em permitir fretes mais elevados, apesar de todas as variáveis apresentadas também importarem. As elasticidades de importação têm impacto negativo no poder de mercado, e seus coeficientes são bastante significativos para os bens industriais. O número de transportadoras competindo em uma rota também tende a diminuir os fretes. Apesar de apresentar elasticidades positivas em relação aos fretes para todos os setores, as distâncias apenas são definitivas para os fretes das importações de produtos agrícolas.
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Lee, Cheuk-wing. "Transmission expansion planning in a restructured electricity market." Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/hkuto/record/B38959410.
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Druhan, Patrick James. "Price asymmetry in the Canadian beef, chicken, and egg markets : implications for market power." Thesis, McGill University, 1991. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=61188.
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The purpose of this study was to examine the degree of market power in the marketing chain of the broiler chicken, egg, and beef industries in Canada. The principal method of analysis tested for the existence of asymmetry. Supplementary testing included estimates of markup equations, means and coefficients of variation, elasticities of demand and price transmission, and correlation coefficients.The findings give retailers market power in Montreal and Toronto for chicken, and in Toronto, Edmonton, and Winnipeg for beef. Vancouver retail prices for chicken and eggs were statistically independent of prices at the other levels. Processors dominated producers in the chicken markets of Montreal and Toronto, and the Winnipeg beef market. Producers showed possible dominance in the Montreal egg market.
Symmetry occurred most often in the beef and egg markets; which share the character of flat or declining consumer demand conditions. The ability to exercise market power may be determined by strong demand coupled with institutional price-responsiveness.
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Bower, John. "An agent based analysis of the sources of market power in deregulated electricity markets." Thesis, London Business School (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272099.
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Xu, Meng. "Analysis of market incentives on power system planning and operations in liberalised electricity markets." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11931/.
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The design of liberalised electricity markets (e.g., the energy, capacity and ancillary service markets) is a topic of much debate, regarding their ability to trigger adequate investment in generation capacities and to incentivize flexible power system operation. Long-term generation investment (LTGI) models have been widely used as a decision-support tool for generation investments and design of energy policy. Of particular interest is quantification of uncertainty in model outputs (e.g., generation projections or system reliability) given a particular market design while accounting for uncertainties in input data as well as the discrepancies between the model and the reality. Unfortunately, the standard Monte Carlo based techniques for uncertainty quantification require a very large number of model runs which may be impractical to achieve for a complex LTGI model. In order to enable efficient and fully systematic analysis, it is therefore necessary to create an emulator of the full model, which may be evaluated quickly for any input and which quantifies uncertainty in the output of the full model at inputs where it has not been run. The case study shows results from the Great Britain power system exemplar which is representative of LTGI models used in real policy processes. In particular, it demonstrates the application of Bayesian emulation to a complex LTGI model that requires a formal calibration, uncertainty analysis, and sensitivity analysis. In power systems with large amounts of variable generation, it is important to provide sufficient incentives for operating reserves as a main source of generation flexibility. In the traditional unit commitment (UC) model, the demand for operating reserves is fixed and inelastic, which does not reflect the marginal value of operating reserves in avoiding the events of load shedding and wind curtailment. Besides, the system-wide reserve constraint assumes that the operating reserve can be delivered to any location freely, which is not true in real-world power system operations. To recognize the value and deliverability of operating reserves, dynamic zonal operating reserve demand curves are introduced to an enhanced deterministic UC model for co-optimizing the day-ahead schedules for energy and operating reserves. In the case study on the RTS-73 test system, comparisons are made between the choices of reserve policies (e.g., single, seasonal or dynamic zones) and of different reserve zonal partitioning methods. Results suggest that the enhanced deterministic UC model produces on average lower operational cost, higher system reliability and higher energy and reserve revenues than the traditional one. Finally, we discuss future directions of methodological research arising from current energy system challenges and the computer models developed for better understanding of the impacts of market incentives on power system planning and operations.
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Camere, Salcedo Renzo Fabian, Reaño Jesus Salvador Enco, Silva Adrian Gonzalez, and Balarezo Adela Catherine Vassallo. "Power EGG." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/626421.
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Hoy en día, el gobierno peruano establece normas de protección saludable para los niños con el fin de proteger su salud. Por ese motivo, la industria alimenticia y el consumidor peruano vienen cambiando sus hábitos de compras y consumo saludable, de cara a estos cambios, se ha detectado la oportunidad de ofrecer un producto alimenticio saludable y nutritivo contribuyendo a la salud de los niños peruanos.
“Power Eggs” busca posicionarse en el mercado peruano en los segmentos A, B y C como un complemento nutricional, brindando a las madres de familia una alternativa de nutrición para el consumo diario de los niños.
El mercado al que se apunta está conformado por 9, 485,406 de mujeres con hijos entre las edades de 2 a 12 años en la ciudad de Lima, para el cual se ha calculado un mercado target de 1,171,437 personas.
Uno de los principales objetivos es alcanzar un 20% de participación sobre el target de 39,420 personas, como un crecimiento anual de 10% en los próximos 5 años.
Como principal estrategia se busca posicionar un producto diferencial de apoyo a la alimentación saludable en el mercado peruano.Today, Peruvian government establishes healthy protection norms for children in order to protect their health. For that reason, the food industry and Peruvian consumer have been changing their shopping habits and healthy consumption. Faced with these changes, it has been detected the opportunity to offer a healthy and nutritious food product contributing to the health of Peruvian children. “Power Eggs” seeks to position itself on the Peruvian market in segments A, B and C as a nutritional supplement, providing mothers with an alternative nutrition for the daily consumption of children. The market we aim for is made up of 9, 485,406 women with children between the ages of 0 to 12 years in the city of Lima, for which we have a target market of 1, 171,437 people. One of the main objectives is to reach a 20% of participation on the target, as an annual growth of 10% in the next 5 years. It main strategy is to position a differential product to support healthy eating in the peruvian market.
Trabajo de investigación