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Problems of the Supply Industry in Wholesale Electricity Markets

Year 2023, Volume: 8 Issue: 1, 408 - 420, 30.06.2023

Abstract

In this paper, we investigate the problems in the supply industry in wholesale electricity markets such as supply inadequacy, missing money, market power, and intermittent renewables since they are the main driver of the electricity market evolution. The main contribution of the paper is that it focuses on these problems both individually and holistically. We focus on the causality relationships among the problems. The paper discusses the possible solutions to these problems based on a problem-oriented perspective. Inefficient governance and regulation are the sources of the main problems in the supply industry except the problem of intermittent renewables. The problems of inefficient governance and regulation, inefficient pricing, and intermittent renewables create issues such as supply inadequacy and missing money. Reducing state ownership to sustain competition, establishing capacity markets to complement energy markets, implementing of market-oriented approach, setting up future markets, market monitoring, and a well-functioning network design are major pathways to phase out problems of supply industry.

References

  • Adib, P., & Hurlbu, D. (2008). Chapter 7 Market Power and Market Monitoring.
  • Adib, P., & Hurlbut, D. (2008). Market power and market monitoring. In Competitive Electricity Markets (pp. 267-296). Elsevier.
  • Aghaie, H. (2016, October). The impact of intermittent renewables on the resource adequacy in electricity markets. In 2016 IEEE Electrical Power and Energy Conference (EPEC) (pp. 1-5). IEEE.
  • Bacon, R. W., & Besant-Jones, J. (2001). Global electric power reform, privatization, and liberalization of the electric power industry in developing countries. Annual review of energy and the environment, 26(1), 331-359.
  • Batalla-Bejerano, J., & Trujillo-Baute, E. (2016). Impacts of intermittent renewable generation on electricity system costs. Energy Policy, 94, 411-420.
  • Batlle, C., & Rodilla, P. (2010). A critical assessment of the different approaches aimed to secure electricity generation supply. Energy Policy, 38(11), 7169-7179.
  • Borenstein, S. (2000). Understanding competitive pricing and market power in wholesale electricity markets. The Electricity Journal, 13(6), 49-57.
  • Borenstein, S. (2002). The trouble with electricity markets: understanding California's restructuring disaster. Journal of economic perspectives, 16(1), 191-211.
  • Borenstein, S., Holland, S. P., Bushnell, J., Farrell, J., Hviid, M., Mansur, E., Riordan, M., & White, L. (2003). On The Efficiency Of Competitive Electricity Markets With Tıme-Invariant Retail Prices. Nber Working Paper Series.
  • Bushnell, J., Knittel, C. R., & Wolak, F. (1999). Estimating the opportunities for market power in a deregulated Wisconsin electricity market. The Journal of Industrial Economics, 47(3).
  • Bushnell, J., Mansur, E. T., & Novan, K. (2017). Review of the economics literature on US electricity restructuring. Unpublished manuscript, Department of Economics, University of California at Davis, Davis, CA.
  • Bushnell, J., Mansur, E. T., & Saravia, C. (2004). Market structure and competition: A cross-market analysis of US electricity deregulation.
  • Bushnell, J. (2005). Looking for trouble: Competition policy in the US electricity industry. Electricity deregulation: Choices and challenges, 256-96.
  • Bushnell, J., & Saravia, C. (2002). An empirical assessment of the competitiveness of the New England electricity market.
  • Chao, H. P., & Wilson, R. (2001). Design of wholesale electricity markets. Electric Power Research Institute, Draft, 990101.
  • Sisternes Jiménez, F. D., Webster, M., & Pérez Arriaga, J. I. (2015). The impact of bidding rules on electricity markets with intermittent renewables.
  • Diaconu, O., Oprescu, G., & Pittman, R. (2009). Electricity reform in Romania. Utilities Policy, 17(1), 114-124.
  • Duan, J., McKenna, A., Van Kooten, G. C., & Liu, S. (2018). Renewable Electricity Grids, Battery Storage and Missing Money: An Alberta Case Study.
  • Duan, J., van Kooten, G. C., & Liu, X. (2020). Renewable electricity grids, battery storage and missing money. Resources, Conservation and Recycling, 161, 105001.
  • Ela, E., Milligan, M., Bloom, A., Botterud, A., Townsend, A., Levin, T., & Frew, B. A. (2016). Wholesale electricity market design with increasing levels of renewable generation: Incentivizing flexibility in system operations. The Electricity Journal, 29(4), 51-60.
  • Elizondo Azuela, G., Barroso, L., Khanna, A., Wang, X., Wu, Y., & Cunha, G. (2014). Performance of renewable energy auctions: experience in Brazil, China and India. World Bank Policy Research Working Paper, (7062).
  • Green, R. J., & Evans, J. (2003, June). Why did British electricity prices fall after 1998?. In Royal Economic Society Annual Conference 2003 (No. 92). Royal Economic Society.
  • Gratwick, K. N., & Eberhard, A. (2008). Demise of the standard model for power sector reform and the emergence of hybrid power markets. Energy Policy, 36(10), 3948-3960.
  • Newbery, D., & Grubb, M. (2018, June). UK Electricity Market Reform and the Energy Transition: some emerging lessons from the UK’s energy revolution. In Transforming Energy Markets, 41st IAEE International Conference, Jun 10-13, 2018. International Association for Energy Economics.
  • Higgs, H., & Worthington, A. (2008). Stochastic price modeling of high volatility, mean-reverting, spike-prone commodities: The Australian wholesale spot electricity market. Energy Economics, 30(6), 3172-3185.
  • Hildmann, M., Ulbig, A., & Andersson, G. (2015). Empirical analysis of the merit-order effect and the missing money problem in power markets with high RES shares. IEEE Transactions on Power Systems, 30(3), 1560-1570.
  • Ibarra-Yunez, A. (2015). Energy reform in Mexico: Imperfect unbundling in the electricity sector. Utilities Policy, 35, 19-27.
  • Joskow, P. L. (2008). Capacity payments in imperfect electricity markets: Need and design. Utilities policy, 16(3), 159-170.
  • Joskow, P. L. (2014). Incentive regulation in theory and practice: electricity distribution and transmission networks. Economic regulation and its reform: What have we learned?, 291-344.
  • Kalantzis, F. G., & Milonas, N. T. (2013). Analyzing the impact of futures trading on spot price volatility: Evidence from the spot electricity market in France and Germany. Energy Economics, 36, 454-463.
  • Keay, M., Rhys, J., & Robinson, D. (2013). Electricity market reform in Britain: Central planning versus free markets. In Evolution of Global Electricity Markets (pp. 31-57). Academic Press.
  • Kessides, I. N. (2013). Chaos in power: Pakistan's electricity crisis. Energy policy, 55, 271-285.
  • Krishnaswamy, V., & Stuggins, G. (2003). Private sector participation in the power sector in Europe and Central Asia: lessons from the last decade (Vol. 8). World Bank Publications.
  • Leslie, G. W., Stern, D. I., Shanker, A., & Hogan, M. T. (2020). Designing electricity markets for high penetrations of zero or low marginal cost intermittent energy sources. The Electricity Journal, 33(9), 106847.
  • Littlechild, S. C. (2000). Privatization, competition and regulation in the British Electricity Industry.
  • Malgas, I., & Eberhard, A. (2011). Hybrid power markets in Africa: Generation planning, procurement and contracting challenges. Energy policy, 39(6), 3191-3198.
  • McElroy, M. B., Chen, X., & Deng, Y. (2018). The missing money problem: incorporation of increased resources from wind in a representative US power market. Renewable Energy, 126, 126-136.
  • Neuhoff, K., Barquin, J., Bialek, J. W., Boyd, R., Dent, C. J., Echavarren, F., ... & Weigt, H. (2013). Renewable electric energy integration: Quantifying the value of design of markets for international transmission capacity. Energy Economics, 40, 760-772.
  • Newbery, D. (2004). Issues and options for restructuring electricity supply industries.
  • Newbery, D. (2016). Missing money and missing markets: Reliability, capacity auctions and interconnectors. Energy policy, 94, 401-410.
  • Newbery, D. M. (1989). Cost recovery from optimally designed roads. Economica, 165-185.
  • Newbery, D. M. (1998). Competition, contracts, and entry in the electricity spot market. The RAND Journal of Economics, 726-749.
  • Newbery, D. M. (2002). Problems of liberalising the electricity industry. European Economic Review, 46(4-5), 919-927.
  • Newbery, D. M., & Pollitt, M. G. (1997). The Privatisation and Restructuring of the CEGB—Was It Worth It?. Journal of Industrial Economics, 45(3), 269-303.
  • Papalexopoulos, A., Hansen, C., Perrino, D., & Frowd, R. (2015). Modeling and analysis of wholesale electricity market design: Understanding the missing money problem. Tech. Rep. NREL/SR-5D00-64255.
  • Perez-Arriaga, I. J , and C Batlle (2012) Impacts of Intermittent Renewables on Electricity Generation System Operation. Economics of Energy & Environmental Policy, 1.
  • Pollitt, M. (2004). Electricity reform in Chile. Lessons for developing countries. Journal of Network Industries, (3-4), 221-262.
  • Pollitt, M. G., & Anaya, K. L. (2016). Can current electricity markets cope with high shares of renewables? A comparison of approaches in Germany, the UK and the State of New York. The Energy Journal, 37(Bollino-Madlener Special Issue).
  • Rudnick, H., Barroso, L. A., Skerk, C., & Blanco, A. (2005). South American reform lessons-twenty years of restructuring and reform in Argentina, Brazil, and Chile. IEEE Power and Energy Magazine, 3(4), 49-59.
  • Roques, F. A. (2008). Market design for generation adequacy: Healing causes rather than symptoms. Utilities Policy, 16(3), 171-183.
  • Rudnick, H., & Montero, J. P. (2002). Second generation electricity reforms in Latin America and the California Paradigm. Journal of Industry, Competition and Trade, 2(1-2), 159-172.
  • Rudnick, H., & Velasquez, C. (2018). Taking stock of wholesale power markets in developing countries: A literature review. World Bank Policy Research Working Paper, (8519).
  • Ryan, N. (2014). The Competitive Effects of Transmission Infrastructure in the Indian Day-Ahead Electricity Market. Working Paper.
  • Shuttleworth, G., & McKenzie, I. (2002). A comparative study of the electricity markets in UK, Spain and Nord Pool. Report prepared by NERA for Confindustria. Rome.
  • Simshauser, P. (2019). Missing money, missing policy and resource adequacy in Australia's national electricity market. Utilities Policy, 60, 100936.
  • Sioshansi, F. P. (2008). Competitive electricity markets: questions remain about design, implementation, performance. The Electricity Journal, 21(2), 74-87.
  • Toba, N. (2007). Welfare impacts of electricity generation sector reform in the Philippines. Energy Policy, 35(12), 6145-6162.
  • Von Danwitz, T. (2006). Regulation and liberalization of the European electricity market-a German view. Energy LJ, 27, 423.
  • Williams, J. H., & Ghanadan, R. (2006). Electricity reform in developing and transition countries: A reappraisal. Energy, 31(6-7), 815-844.
  • Chao, H. P., & Wilson, R. (2001). Design of wholesale electricity markets. Electric Power Research Institute, Draft, 990101.
  • Winkler, J., Gaio, A., Pfluger, B., & Ragwitz, M. (2016). Impact of renewables on electricity markets–Do support schemes matter?. Energy Policy, 93, 157-167.
  • Wolak, F. A. (2009). An assessment of the performance of the New Zealand wholesale electricity market. Report for the New Zealand Commerce Commission.
  • Wolak, F. A. (2000). An empirical analysis of the impact of hedge contracts on bidding behavior in a competitive electricity market. International Economic Journal, 14(2), 1-39.
  • Wolak, F. A. (2003). Designing competitive wholesale electricity markets for Latin American Countries.
  • Wolak, F. A. (2005). Managing unilateral market power in electricity (Vol. 3691). World Bank Publications.
  • Wolak, F. A. (2009). An assessment of the performance of the New Zealand wholesale electricity market. Report forthe New Zealand Commerce Commission.
  • Wolak, F. A. (2021). Wholesale electricity market design. In Handbook on electricity markets (pp. 73-110). Edward Elgar Publishing.
  • Wolak, F. A. (2022). Long-term resource adequacy in wholesale electricity markets with significant intermittent renewables. Environmental and Energy Policy and the Economy, 3(1), 155-220.
  • Woo, C. K., King, M., Tishler, A., & Chow, L. C. H. (2006). Costs of electricity deregulation. Energy, 31(6-7), 747-768.
  • Woo, C. K., Milstein, I., Tishler, A., & Zarnikau, J. (2019). A wholesale electricity market design sans missing money and price manipulation. Energy Policy, 134, 110988.

Toptan Elektrik Piyasalarında Üretim Tarafı Sorunları

Year 2023, Volume: 8 Issue: 1, 408 - 420, 30.06.2023

Abstract

Bu makalede, elektrik piyasası dönüşümünün ana itici gücü olmaları nedeniyle; üretim yetersizliği, kayıp para, piyasa gücü ve kesintili yenilenebilir enerji gibi toptan elektrik piyasalarında üretim tarafındaki sorunlar araştırılmıştır. Makalenin literatüre ana katkısı, bu sorunlara hem bireysel hem de bütünsel olarak odaklanmasıdır. Makalede sorunlar arasındaki nedensellik ilişkilerine odaklanılmıştır. Sorun odaklı bir bakış açısına dayalı olarak bu sorunlara olası çözümleri tartışılmıştır. Kesintili yenilenebilir enerji sorunu dışında, etkin olmayan yönetişim ve düzenleme üretim tarafındaki temel sorunların kaynaklarıdır. Yetersiz yönetişim ve yanlış düzenlemeler, verimsiz fiyatlandırma ve kesintili yenilenebilir kaynaklar, arz yetersizliği ve kayıp para gibi sorunları yaratmıştır. Rekabeti sürdürmek için devlet mülkiyetinin azaltılması, enerji piyasalarını tamamlayacak kapasite piyasalarının oluşturulması, piyasa odaklı yaklaşımın uygulanması, vadeli piyasaların oluşturulması, piyasanın izlenmesi ve iyi işleyen bir ağ tasarımı, üretim tarafının sorunlarını aşamalı olarak ortadan kaldırmanın başlıca yollarıdır.

References

  • Adib, P., & Hurlbu, D. (2008). Chapter 7 Market Power and Market Monitoring.
  • Adib, P., & Hurlbut, D. (2008). Market power and market monitoring. In Competitive Electricity Markets (pp. 267-296). Elsevier.
  • Aghaie, H. (2016, October). The impact of intermittent renewables on the resource adequacy in electricity markets. In 2016 IEEE Electrical Power and Energy Conference (EPEC) (pp. 1-5). IEEE.
  • Bacon, R. W., & Besant-Jones, J. (2001). Global electric power reform, privatization, and liberalization of the electric power industry in developing countries. Annual review of energy and the environment, 26(1), 331-359.
  • Batalla-Bejerano, J., & Trujillo-Baute, E. (2016). Impacts of intermittent renewable generation on electricity system costs. Energy Policy, 94, 411-420.
  • Batlle, C., & Rodilla, P. (2010). A critical assessment of the different approaches aimed to secure electricity generation supply. Energy Policy, 38(11), 7169-7179.
  • Borenstein, S. (2000). Understanding competitive pricing and market power in wholesale electricity markets. The Electricity Journal, 13(6), 49-57.
  • Borenstein, S. (2002). The trouble with electricity markets: understanding California's restructuring disaster. Journal of economic perspectives, 16(1), 191-211.
  • Borenstein, S., Holland, S. P., Bushnell, J., Farrell, J., Hviid, M., Mansur, E., Riordan, M., & White, L. (2003). On The Efficiency Of Competitive Electricity Markets With Tıme-Invariant Retail Prices. Nber Working Paper Series.
  • Bushnell, J., Knittel, C. R., & Wolak, F. (1999). Estimating the opportunities for market power in a deregulated Wisconsin electricity market. The Journal of Industrial Economics, 47(3).
  • Bushnell, J., Mansur, E. T., & Novan, K. (2017). Review of the economics literature on US electricity restructuring. Unpublished manuscript, Department of Economics, University of California at Davis, Davis, CA.
  • Bushnell, J., Mansur, E. T., & Saravia, C. (2004). Market structure and competition: A cross-market analysis of US electricity deregulation.
  • Bushnell, J. (2005). Looking for trouble: Competition policy in the US electricity industry. Electricity deregulation: Choices and challenges, 256-96.
  • Bushnell, J., & Saravia, C. (2002). An empirical assessment of the competitiveness of the New England electricity market.
  • Chao, H. P., & Wilson, R. (2001). Design of wholesale electricity markets. Electric Power Research Institute, Draft, 990101.
  • Sisternes Jiménez, F. D., Webster, M., & Pérez Arriaga, J. I. (2015). The impact of bidding rules on electricity markets with intermittent renewables.
  • Diaconu, O., Oprescu, G., & Pittman, R. (2009). Electricity reform in Romania. Utilities Policy, 17(1), 114-124.
  • Duan, J., McKenna, A., Van Kooten, G. C., & Liu, S. (2018). Renewable Electricity Grids, Battery Storage and Missing Money: An Alberta Case Study.
  • Duan, J., van Kooten, G. C., & Liu, X. (2020). Renewable electricity grids, battery storage and missing money. Resources, Conservation and Recycling, 161, 105001.
  • Ela, E., Milligan, M., Bloom, A., Botterud, A., Townsend, A., Levin, T., & Frew, B. A. (2016). Wholesale electricity market design with increasing levels of renewable generation: Incentivizing flexibility in system operations. The Electricity Journal, 29(4), 51-60.
  • Elizondo Azuela, G., Barroso, L., Khanna, A., Wang, X., Wu, Y., & Cunha, G. (2014). Performance of renewable energy auctions: experience in Brazil, China and India. World Bank Policy Research Working Paper, (7062).
  • Green, R. J., & Evans, J. (2003, June). Why did British electricity prices fall after 1998?. In Royal Economic Society Annual Conference 2003 (No. 92). Royal Economic Society.
  • Gratwick, K. N., & Eberhard, A. (2008). Demise of the standard model for power sector reform and the emergence of hybrid power markets. Energy Policy, 36(10), 3948-3960.
  • Newbery, D., & Grubb, M. (2018, June). UK Electricity Market Reform and the Energy Transition: some emerging lessons from the UK’s energy revolution. In Transforming Energy Markets, 41st IAEE International Conference, Jun 10-13, 2018. International Association for Energy Economics.
  • Higgs, H., & Worthington, A. (2008). Stochastic price modeling of high volatility, mean-reverting, spike-prone commodities: The Australian wholesale spot electricity market. Energy Economics, 30(6), 3172-3185.
  • Hildmann, M., Ulbig, A., & Andersson, G. (2015). Empirical analysis of the merit-order effect and the missing money problem in power markets with high RES shares. IEEE Transactions on Power Systems, 30(3), 1560-1570.
  • Ibarra-Yunez, A. (2015). Energy reform in Mexico: Imperfect unbundling in the electricity sector. Utilities Policy, 35, 19-27.
  • Joskow, P. L. (2008). Capacity payments in imperfect electricity markets: Need and design. Utilities policy, 16(3), 159-170.
  • Joskow, P. L. (2014). Incentive regulation in theory and practice: electricity distribution and transmission networks. Economic regulation and its reform: What have we learned?, 291-344.
  • Kalantzis, F. G., & Milonas, N. T. (2013). Analyzing the impact of futures trading on spot price volatility: Evidence from the spot electricity market in France and Germany. Energy Economics, 36, 454-463.
  • Keay, M., Rhys, J., & Robinson, D. (2013). Electricity market reform in Britain: Central planning versus free markets. In Evolution of Global Electricity Markets (pp. 31-57). Academic Press.
  • Kessides, I. N. (2013). Chaos in power: Pakistan's electricity crisis. Energy policy, 55, 271-285.
  • Krishnaswamy, V., & Stuggins, G. (2003). Private sector participation in the power sector in Europe and Central Asia: lessons from the last decade (Vol. 8). World Bank Publications.
  • Leslie, G. W., Stern, D. I., Shanker, A., & Hogan, M. T. (2020). Designing electricity markets for high penetrations of zero or low marginal cost intermittent energy sources. The Electricity Journal, 33(9), 106847.
  • Littlechild, S. C. (2000). Privatization, competition and regulation in the British Electricity Industry.
  • Malgas, I., & Eberhard, A. (2011). Hybrid power markets in Africa: Generation planning, procurement and contracting challenges. Energy policy, 39(6), 3191-3198.
  • McElroy, M. B., Chen, X., & Deng, Y. (2018). The missing money problem: incorporation of increased resources from wind in a representative US power market. Renewable Energy, 126, 126-136.
  • Neuhoff, K., Barquin, J., Bialek, J. W., Boyd, R., Dent, C. J., Echavarren, F., ... & Weigt, H. (2013). Renewable electric energy integration: Quantifying the value of design of markets for international transmission capacity. Energy Economics, 40, 760-772.
  • Newbery, D. (2004). Issues and options for restructuring electricity supply industries.
  • Newbery, D. (2016). Missing money and missing markets: Reliability, capacity auctions and interconnectors. Energy policy, 94, 401-410.
  • Newbery, D. M. (1989). Cost recovery from optimally designed roads. Economica, 165-185.
  • Newbery, D. M. (1998). Competition, contracts, and entry in the electricity spot market. The RAND Journal of Economics, 726-749.
  • Newbery, D. M. (2002). Problems of liberalising the electricity industry. European Economic Review, 46(4-5), 919-927.
  • Newbery, D. M., & Pollitt, M. G. (1997). The Privatisation and Restructuring of the CEGB—Was It Worth It?. Journal of Industrial Economics, 45(3), 269-303.
  • Papalexopoulos, A., Hansen, C., Perrino, D., & Frowd, R. (2015). Modeling and analysis of wholesale electricity market design: Understanding the missing money problem. Tech. Rep. NREL/SR-5D00-64255.
  • Perez-Arriaga, I. J , and C Batlle (2012) Impacts of Intermittent Renewables on Electricity Generation System Operation. Economics of Energy & Environmental Policy, 1.
  • Pollitt, M. (2004). Electricity reform in Chile. Lessons for developing countries. Journal of Network Industries, (3-4), 221-262.
  • Pollitt, M. G., & Anaya, K. L. (2016). Can current electricity markets cope with high shares of renewables? A comparison of approaches in Germany, the UK and the State of New York. The Energy Journal, 37(Bollino-Madlener Special Issue).
  • Rudnick, H., Barroso, L. A., Skerk, C., & Blanco, A. (2005). South American reform lessons-twenty years of restructuring and reform in Argentina, Brazil, and Chile. IEEE Power and Energy Magazine, 3(4), 49-59.
  • Roques, F. A. (2008). Market design for generation adequacy: Healing causes rather than symptoms. Utilities Policy, 16(3), 171-183.
  • Rudnick, H., & Montero, J. P. (2002). Second generation electricity reforms in Latin America and the California Paradigm. Journal of Industry, Competition and Trade, 2(1-2), 159-172.
  • Rudnick, H., & Velasquez, C. (2018). Taking stock of wholesale power markets in developing countries: A literature review. World Bank Policy Research Working Paper, (8519).
  • Ryan, N. (2014). The Competitive Effects of Transmission Infrastructure in the Indian Day-Ahead Electricity Market. Working Paper.
  • Shuttleworth, G., & McKenzie, I. (2002). A comparative study of the electricity markets in UK, Spain and Nord Pool. Report prepared by NERA for Confindustria. Rome.
  • Simshauser, P. (2019). Missing money, missing policy and resource adequacy in Australia's national electricity market. Utilities Policy, 60, 100936.
  • Sioshansi, F. P. (2008). Competitive electricity markets: questions remain about design, implementation, performance. The Electricity Journal, 21(2), 74-87.
  • Toba, N. (2007). Welfare impacts of electricity generation sector reform in the Philippines. Energy Policy, 35(12), 6145-6162.
  • Von Danwitz, T. (2006). Regulation and liberalization of the European electricity market-a German view. Energy LJ, 27, 423.
  • Williams, J. H., & Ghanadan, R. (2006). Electricity reform in developing and transition countries: A reappraisal. Energy, 31(6-7), 815-844.
  • Chao, H. P., & Wilson, R. (2001). Design of wholesale electricity markets. Electric Power Research Institute, Draft, 990101.
  • Winkler, J., Gaio, A., Pfluger, B., & Ragwitz, M. (2016). Impact of renewables on electricity markets–Do support schemes matter?. Energy Policy, 93, 157-167.
  • Wolak, F. A. (2009). An assessment of the performance of the New Zealand wholesale electricity market. Report for the New Zealand Commerce Commission.
  • Wolak, F. A. (2000). An empirical analysis of the impact of hedge contracts on bidding behavior in a competitive electricity market. International Economic Journal, 14(2), 1-39.
  • Wolak, F. A. (2003). Designing competitive wholesale electricity markets for Latin American Countries.
  • Wolak, F. A. (2005). Managing unilateral market power in electricity (Vol. 3691). World Bank Publications.
  • Wolak, F. A. (2009). An assessment of the performance of the New Zealand wholesale electricity market. Report forthe New Zealand Commerce Commission.
  • Wolak, F. A. (2021). Wholesale electricity market design. In Handbook on electricity markets (pp. 73-110). Edward Elgar Publishing.
  • Wolak, F. A. (2022). Long-term resource adequacy in wholesale electricity markets with significant intermittent renewables. Environmental and Energy Policy and the Economy, 3(1), 155-220.
  • Woo, C. K., King, M., Tishler, A., & Chow, L. C. H. (2006). Costs of electricity deregulation. Energy, 31(6-7), 747-768.
  • Woo, C. K., Milstein, I., Tishler, A., & Zarnikau, J. (2019). A wholesale electricity market design sans missing money and price manipulation. Energy Policy, 134, 110988.
There are 70 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Review Article
Authors

Mustafa Çağrı Peker 0000-0001-7191-2646

Ayşen Sivrikaya 0000-0003-2199-3593

Publication Date June 30, 2023
Published in Issue Year 2023 Volume: 8 Issue: 1

Cite

APA Peker, M. Ç., & Sivrikaya, A. (2023). Problems of the Supply Industry in Wholesale Electricity Markets. JOEEP: Journal of Emerging Economies and Policy, 8(1), 408-420.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.