Electricity scarcity pricing through operating reserves

Economics of Energy and Environmental Policy

Volumn 2, Issue 2, 2013, Pages 65-86

  Hogan, William W ^a  

^a HARVARD UNIVERSITY   (United States)

Author keywords

Electricity scarcity pricing; Operating reserves; Resource adequacy

Indexed keywords

EID: 85015785086     PISSN: 21605882     EISSN: 21605890     Source Type: Journal    
DOI: 10.5547/2160-5890.2.2.4     Document Type: Conference Paper

References (27)

1. Ahn, B., and Hogan, W. (1982). On convergence of the PIES algorithm for computing equilibria. Operations Research, 30(2): 281-300. http://dx.doi.org/10.1287/opre.30.2.281.
2. Carden, K., Pfeifenberger, J., and Wintermantel, N. (2011). The Value of Resource Adequacy. Public Utilities Fortnightly, 149(3): 34-40.
3. Carden, K., and Wintermantel, N. (2013). The Economic Ramifications of Resource Adequacy White Paper. Astrape Consulting.
4. ERCOT Staff, and Hogan, W. W. (2013). Back Cast of Interim Solution B + to Improve Real-Time Scarcity Pricing White Paper.
5. Faruqui, A., Hledik, R., and Sergici, S. (2010). Rethinking Prices. Public Utilities Fortnightly, (January): 31-39.
6. FERC (2012a). PJM Compliance Order. Federal Energy Regulatory Commission, Docket No. ER09-1063-004.
7. FERC (2012b). SPP Order Conditionally Accepting Tariff Revisions to Establish Energy Markets. Federal Energy Regulatory Commission, Docket Nos. ER12-1179-000 ER12-1179-001.
8. Gribik, P. R., and Hogan, W. W., and Pope, S. L. (2007). Market-Clearing Electricity Prices and Energy Uplift.
9. Harvey, S. M., and Hogan, W. W., and Pope, S. L. (2013). Evaluation of the New York Capacity Market.
10. Hogan, W. W. (2002). Electricity market restructuring: reforms of reforms. Journal of Regulatory Economics, 21(1): 103-132. http://dx.doi.org/10.1023/A:1013682825693.
11. Hogan, W. W. (2005). On an "Energy Only" Electricity Market Design for Resource Adequacy. Retrieved from http://www.hks.harvard.edu/fs/whogan/Hogan-Energy-Only-092305.pdf
12. Hogan, W. W. (2006). Resource Adequacy Mandates and Scarcity Pricing. Retrieved from http://www.hks.harvard.edu/fs/whogan/Hogan-PJM-Energy-Market-022306.pdf
13. Hogan, W. W. (2010). Scarcity Pricing and Locational Operating Reserve Demand Curves. Retrieved from http://www.hks.harvard.edu/fs/whogan/Hogan-FERC-060210.pdf
14. ISONE (2012). Overview of New England's Wholesale Electricity Markets and Market Oversight. Independent System Operator New England. Retrieved from http://www.iso-ne.com/pubs/spcl-rpts/2012/markets-overview-final-051512.pdf
15. Joskow, P. (2008). Capacity payments in imperfect electricity markets: Need and design. Utilities Policy, 16(3): 159-170. http://dx.doi.org/10.1016/j.jup.2007.10.003.
16. Joskow, P., and Tirole, J. (2007). Reliability and competitive electricity markets. The RAND Journal of Economics, 38(1): 60-84. http://dx.doi.org/10.1111/j.1756-2171.2007.tb00044.x.
17. Midwest ISO (2009). FERC Electric Tariff. Retrieved from http://www.midwestiso.org/publish/Document/1d44c3-11e1d03fcc5-7cf70a48324a/Schedules.pdf?action=download&-property=Attachment
18. Monitoring Analytics (2012). State of the Market Report for PJM, 2011. Monitoring Analytics, March 15.
19. Newbery, D. (1995). Power markets and market power. The Energy Journal, 16(3): 39-66. http://dx.doi.org/10.5547/ISSN0195-6574-EJ-Vol16-No3-2.
20. Newell, S. (2012). Resource Adequacy in ERCOT: "Composite" Policy Options. Retrieved from http://www.ercot.com/content/news/presentations/2012/Newell-Oct25-PUCT-Workshop-Composite-Options-10-19-2012.pdf
21. Newell, S., Spees, K., Pfeifenberger, J., Mudge, R., DeLucia, M., and Carlton, R. (2012). ERCOT Investment Incentives and Resource Adequacy. Retrieved from http://www.ercot.com/content/news/presentations/2012/Brattle-ERCOT-Resource-Adequacy-Review-2012-06-01.pdf
22. NYISO (2012). NYISO Ancillary Services Manual. New York Independent System Operator.
23. PJM (2013). PJM Manual 11: Energy and Ancillary Services Market Operations Revision: 59 Effective Date: April1.
24. Potomac Economics (2012). 2011 State of the Market Report for the ERCOT Wholesale Electricity Markets. Retrieved from http://www.puc.texas.gov/industry/electric/reports/ERCOT-annual-reports/2011annualreport.pdf
25. Shanker, R. (2003). Comments on Standard Market Design: Resource Adequacy Requirement. Federal Energy Regulatory Commission, Docket RM01-12-000. Retrieved from http://elibrary.ferc.gov/idmws/common/open-nat.asp?fileID=9619272
26. Telson, M. L. (1975). The economics of alternative levels of reliability for electric power generation systems. The Bell Journal of Economics, 6(2): 679-694. http://dx.doi.org/10.2307/3003250.
27. Wilson, J. (2010). Reconsidering Resource Adequacy: Part 1. Public Utilities Fortnightly, (April): 33-39.