Real-time Pricing in Power Markets: Who Gains?

Anette Boom*, Sebastian Schwenen

*Kontaktforfatter af dette arbejde

Publikation: KonferencebidragPaperForskning

Resumé

We examine welfare effects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters.
OriginalsprogEngelsk
Publikationsdato2018
Antal sider39
StatusUdgivet - 2018
BegivenhedVII International Academic Symposium: Smart Energy Systems from a New Energy Policy Approach - Parc Científic de Barcelona, Barcelona, Spanien
Varighed: 5 feb. 20195 feb. 2019
Konferencens nummer: 7
https://ieb.ub.edu/en/event/vii-international-academic-symposium/

Konference

KonferenceVII International Academic Symposium
Nummer7
LokationParc Científic de Barcelona
LandSpanien
ByBarcelona
Periode05/02/201905/02/2019
Internetadresse

Bibliografisk note

CBS Bibliotek har ikke adgang til materialet

Emneord

  • Electricity
  • Real-time pricing
  • Market power
  • Efficiency

Citer dette

Boom, A., & Schwenen, S. (2018). Real-time Pricing in Power Markets: Who Gains?. Afhandling præsenteret på VII International Academic Symposium, Barcelona, Spanien.
Boom, Anette ; Schwenen, Sebastian. / Real-time Pricing in Power Markets : Who Gains?. Afhandling præsenteret på VII International Academic Symposium, Barcelona, Spanien.39 s.
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abstract = "We examine welfare effects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters.",
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Boom, A & Schwenen, S 2018, 'Real-time Pricing in Power Markets: Who Gains?' Paper fremlagt ved VII International Academic Symposium, Barcelona, Spanien, 05/02/2019 - 05/02/2019, .

Real-time Pricing in Power Markets : Who Gains? / Boom, Anette; Schwenen, Sebastian.

2018. Afhandling præsenteret på VII International Academic Symposium, Barcelona, Spanien.

Publikation: KonferencebidragPaperForskning

TY - CONF

T1 - Real-time Pricing in Power Markets

T2 - Who Gains?

AU - Boom, Anette

AU - Schwenen, Sebastian

N1 - CBS Library does not have access to the material

PY - 2018

Y1 - 2018

N2 - We examine welfare effects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters.

AB - We examine welfare effects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters.

KW - Electricity

KW - Real-time pricing

KW - Market power

KW - Efficiency

KW - Electricity

KW - Real-time pricing

KW - Market power

KW - Efficiency

M3 - Paper

ER -

Boom A, Schwenen S. Real-time Pricing in Power Markets: Who Gains?. 2018. Afhandling præsenteret på VII International Academic Symposium, Barcelona, Spanien.