{"title":"Regulatory reform and corporate control in European energy industries","authors":"John Garcia, Francesc Trillas","doi":"10.2139/ssrn.2400749","DOIUrl":"https://doi.org/10.2139/ssrn.2400749","url":null,"abstract":"The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings suggest three stylized facts: 1) regulatory reform in Europe was certainly accompanied by a takeover wave, as predicted by Mitchell and Mulherin (1996); 2) mergers and acquisitions had a positive impact on the stock price of target firms, and a much lower and sometimes even a negative impact for the bidding firms; 3) the effect of takeover announcements on the returns of competitors of the merging firms depends on the degree of market power. In countries with high market power (like Spain) competitors significantly increase share returns upon takeover announcements, whereas in countries with lower market power (like England and Wales) returns do not change significantly.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124499417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact of renewable energies on conventional power generation technologies and infrastructures from a long-term least-cost perspective","authors":"B. Pfluger, M. Wietschel","doi":"10.1109/EEM.2012.6254768","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254768","url":null,"abstract":"This paper analyses in two scenarios the impacts that climate policies, especially the support of renewable energies and the price of carbon, will have on the European electricity system. A central focus is the impact that electricity generated from renewable energy sources (RES-E) on other system components such as conventional power generation technologies, transmission grids and electricity storage facilities. For the analysis in this paper detailed feed-in profiles for each hour of the year are derived for fluctuating generation from wind and solar power based on actual meteorological data from weather stations and satellites. The model PowerACE-Europe simulates all year simultaneously in hourly resolution, covering each country of the EU-27 as well as Norway and Switzerland. The model calculates the least-cost solution for meeting demand in every hour by simulating investment in power generation technologies, grids and storages by solving a large linear problem through interior-point optimization.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"520 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123062207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic effects of trading watts and negawatts by agile customers in hierarchic energy markets","authors":"S. Tomic","doi":"10.1109/EEM.2012.6254797","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254797","url":null,"abstract":"In this paper we evaluate through simulations economic effects of active electrical energy trading for agile customers in hierarchic energy markets. The agile customers are those residential electricity customers who either have a capability to sell the so-called ”negawatts” (demand reduction), or who operate small renewable generators such as wind mills or solar panels and use storage (battery) to generate, store and trade energy. We assume that agile customers use some local energy management system, e.g. a software tool running on a residential gateway, to forecast their demand and generation and to access the local market for trading energy. Forecasting accuracy of these systems is of special interest: while lower forecasting accuracy leads to greater differences between forecasted and real consumption/generation, and hence to higher total cost of balancing energy that must be consumed from or be fed into the global grid, the higher accuracy leads to higher cost of the system. We study the impact of accuracy in an agent-based simulation environment in which we implemented a hierarchic grid and market architecture and performed experiments to discover intervals of accuracies and prices at which the agile customers achieve economic benefits.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"32 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127474701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A linear optimal power flow model considering nodal distribution of losses","authors":"A. Helseth","doi":"10.1109/EEM.2012.6254717","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254717","url":null,"abstract":"This paper presents a method for accurately treating active power losses in linear (DC) optimal power flow models. Quadratic nodal losses are approximated by iteratively adding linear constraints. In each iteration a linear programming problem is solved, and constraints on the nodal loss functions are built as linearizations around the current system operating state. The performance of the proposed model - in terms of computational time and convergence properties - is demonstrated on the IEEE 118 bus test system.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124956750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Agent-based modelling of the UK short term electricity market: Effects of intermittent wind power","authors":"V. Pakka, B. Ardestani, R. M. Rylatt","doi":"10.1109/EEM.2012.6254760","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254760","url":null,"abstract":"This work focuses on modelling the electricity trading and market mechanism currently in place in the UK, using an agent-based approach and a learning strategy for the agents to update their bidding rules. The ongoing consultations by the Department of Energy and Climate Change on the possible models for a capacity mechanism reflect the unavoidable shift towards low-carbon and more intermittent sources of generation. One of the issues of concern is the way the system operator adapts the balancing mechanism to run in a more efficient and economical way. Here we present an agent-based model comprising two interconnected parts: a representation of the power exchange and a model of the balancing mechanism along with the settlement system. In order to assess the influence of different types of generation on the system balancing prices, we model the generating units based on the size and type of fuel involved. The agent-based model incorporates the operating decisions and control mechanisms of the system operator, and the functions of various trading entities such as generators and suppliers participating within this market. Based on this model, we report investigations into the effect of high penetrations of distributed intermittent generation in influencing the energy balancing prices.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"716 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114155463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
G. C. Christoforidis, K. Chatzisavvas, T. Papadopoulos, G. Papagiannis
{"title":"Identifying non-technological barriers to Wind power: Local communities","authors":"G. C. Christoforidis, K. Chatzisavvas, T. Papadopoulos, G. Papagiannis","doi":"10.1109/EEM.2012.6254674","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254674","url":null,"abstract":"Wind energy is anticipated to be the main Renewable Energy Source that will contribute towards meeting the European Union's 2020 targets. However, in many cases the growth rate is considered insufficient, as in Greece. There still exist important barriers that prevent the widespread of wind energy in Europe and arguably non-technological ones may be more difficult to overcome. In this context, GP-WIND is a project aiming to develop a Good Practice Guide and a `How to' Toolkit, which will aid various stakeholders in overcoming barriers in relation to environment and communities. The scope of this paper is to present part of the thematic case studies dealing with communities. Moreover, a survey concerning local opposition to a proposed wind farm in Greece is discussed, along with the current situation concerning wind energy in the country. Results from the survey show that international good practice in terms of community engagement was not followed, resulting in considerable delays.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116810678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Aleksandr M. Rudkevich, A. I. Lazebnik, Igor S. Sorokin
{"title":"Economically justified locational criteria of the security of supply","authors":"Aleksandr M. Rudkevich, A. I. Lazebnik, Igor S. Sorokin","doi":"10.1109/EEM.2012.6254772","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254772","url":null,"abstract":"Assuring security of supply (resource adequacy) of a bulk power system is one of the main criteria of system planning. Traditionally, system planners study resource adequacy of the system using such probabilistic criteria as Loss of Load Hours (LOLH), and similar metrics which then lead to the determination of the planning reserve margin requirement. Installed capacity equal to that requirement assures the desired probabilistically measured level of resource adequacy. The paper demonstrates that this approach is not applicable to system with transmission constraints. For transmission constrained systems, the paper provides a formal derivation of locational resource adequacy indicators both for generation and load locations and for transmission connections. These locational indicators are defined in the form of dual variables in the problem of reliability dispatch and developed both for generator locations and for transmission constraints; they provide the foundation for determining locational planning reserve margin requirements and for establishing the need for transmission upgrades from the security of supply perspective. The theory is based on the stochastic minimization of the total cost criterion incorporating the cost of system expansion and the damage caused by the loss of load.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129512652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Evaluation of the roadmap to power sector reforms in a developing economy","authors":"P. Oluseyi, T. Akinbulire, C. Awosope","doi":"10.1109/EEM.2012.6254758","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254758","url":null,"abstract":"Electricity as a vital tool in national development is receiving increasing attention from various regimes of Government in Nigeria. Obviously, there is a great deal of potentials for investors in the country, this is the idea behind the reforms in the industry. The recent roadmap to the reform of electricity industry in the country is a veritable pointer to this argument. Meanwhile, therein lay a number of critical issues that must be addressed to ensure a profitable and highly efficient electricity industry. Thus a critical approach to these issues is really a source of inspiration for a number of proffered solutions herein supplied. On this note, it is the intention of these researchers to pay close attention to matters arising from past efforts towards efficient supply of electricity with regard to the recently implemented reform as well as the way forward to ensure an effective and efficient reform in the industry. This work will be a useful tool and reference material for other developing economies in Africa and Asia.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129520083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fitting distributed generation in future power markets through virtual power plants","authors":"K. E. Bakari, W. Kling","doi":"10.1109/EEM.2012.6254692","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254692","url":null,"abstract":"This paper describes the development of a scalable virtual power plant system that fits in the deregulated power markets while benefiting from the Systems Engineering methodology. As this system facilitates energy trade, balancing and network support, it complies with the requirements of future active distribution grids and interests of the emerging active power users and producers. The technical conditions to embed large concentrations of distributed energy resources and other functions of this system are discussed while focusing on the benefits for the system stakeholders. This paper ends up with the business case of the virtual power plant and an overview of relevant conclusions.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128689990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Methodologies for characterising and valuing energy security — A short critical review","authors":"A. Månsson, Bengt Johansson, Lars J Nilsson","doi":"10.1109/EEM.2012.6254752","DOIUrl":"https://doi.org/10.1109/EEM.2012.6254752","url":null,"abstract":"Security of supply is widely addressed in the academia. In this paper we conduct a review of methodologies, discuss strengths and weaknesses and identify areas that would benefit from further research and methodology development. A distinction is made between methodologies used to assess general vulnerability and those that value the outcome of insecurity by testing how energy systems respond to disturbances. The former group contains methods that value scarcity of primary fuels, reliable infrastructure, import dependence, economic factors, diversity and those that are used to simultaneously analyse several of these aspects. Disturbances that are analysed are shortage of primary fuel, system failure (caused deliberately or accidently), the end users' cost of a power outage and price spikes.","PeriodicalId":383754,"journal":{"name":"2012 9th International Conference on the European Energy Market","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130586657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}