Preface
Introduction
Why Competition?
Dramatis Personae
Models of Competition
Open Questions
Further Reading
Problems
Basic Concepts from Economics
Introduction
Fundamentals of Markets
Concepts from the Theory of the Firm
Types of Markets
Markets with Imperfect Competition
Further Reading
Problems
Markets for Electrical Energy
Introduction
What is the Difference between a Megawatt-hour and a Barrel of Oil?
The Need for a Managed Spot Market
Open Electrical Energy Markets
The Managed Spot Market
The Settlement Process
Further Reading
Problems
Participating in Markets for Electrical Energy
Introduction
The Consumer's Perspective
The Producer's Perspective
Perspective of Plants with Very Low Marginal Costs
The Hybrid Participant's Perspective
Further Reading
Problems
System Security and Ancillary Services
Introduction
Describing the needs
Obtaining Ancillary Services
Buying Ancillary Services
Selling Ancillary Services
Further Reading
Problems
Transmission Networks and Electricity Markets
Introduction
Decentralized Trading over a Transmission Network
Centralized Trading over a Transmission Network
Further Reading
Problems
Investing in Generation
Introduction
Generation Capacity from an Investor's Perspective
Generation Capacity from a Customer's Perspective
Further Reading
Problems
Investing in Transmission
Introduction
The Nature of the Transmission Business
Cost-based Transmission Expansion
Value-based Transmission Expansion
Further Reading
Problems
Appendix: Answers to Selected Problems
Abbreviations and Acronyms
Index