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This paper aims to look at the long-run equilibrium relationship between CO2 emissions and economic growth (EKC hypothesis) in an asymmetric framework using the non-linear threshold cointegration. To test the robustness of the results the additional explanatory variables (time trend and/or energy consumption) are added to the EKC model. The empirical study is carried out for the European Union countries...
Traditionally, energy mix was planned to provide electricity at the lowest cost, with respect to the power and energy balance, technical and environmental constraints and political decisions. However, the decision of the European Union to tighten climate policy has introduced new goals for the energy supply industry. In such reality, energy mix has to provide not only electricity at the lowest cost,...
The growing demand in wood pellets has driven up market prices and has accelerated market dynamics in recent years. This article presents an econometric analysis of factors influencing demand and supply of wood pellets in the residential heating sector in Austria. Time series data on prices, quantities, imports and exports between 2000 and 2014 are used in a two-stage least squares (2SLS) regression...
In this paper a risk-averse producer who participates in a transmission-constrained day-ahead electricity market is considered. The producer objective is to maximize the expected profit from selling energy in the day-ahead market, avoiding at the same time the risk of experiencing low profit scenarios. For this purpose, a two-stage stochastic bi-level optimization model is developed, where the uncertainty...
Congestion management is crucial to maintain an efficient and reliable power system operation, and thus it is an important task for any transmission system operator. Different congestion management approaches are currently implemented by different TSOs. In this paper, we consider two market schemes. The first one considers the transmission constraints both on a day-ahead (DA) basis and in real-time...
Often studies on the impact of demand side management on GHG emissions assume that power plants respect the merit order when bidding on electricity markets. By analyzing bidding patterns in Sicily from 2006 to 2012 we show that this is not the case. Generators offer their production at prices ranging from zero upwards. Going further we estimate the GHG emissions of the power plants that were actually...
This paper proposes a probabilistic approach to determine the optimal location, size and power factor of wind parks in power systems. The optimization technique used is the Genetic Algorithm and the proposed method considered the intermittent nature of wind power and load in the system under study. It is important to mention that in most studies wind plants are operated at unity power factor to supply...
In this paper the effectiveness of demand-side management using zonal tariffs for households is analysed on the case of tariff offer proposed to customers in north-western Poland with the aim to widen the use of electricity for heating purposes. The price elasticity of customers settled according to two zonal tariff was determined using standard load profile of customers published by regional distribution...
This paper draws on business ecosystem research and concepts to study the structure and interdependencies of demand response business network in New York State power market, with a particular focus in investigating the role of public regulators in the business ecosystem. The analysis suggests that while demand response aggregators operatively lead the ecosystem, the regulators hold a central role...
The paper presents a new method for reliability investment decisions when a reward/penalty scheme is applied to the regulation of distribution system operators. The method was developed in order to facilitate the transition from cost-based regulation to performance-based regulation for distribution utilities. New investment planning criteria for distribution utilities subjected to the new regulatory...
This study discusses the yearly seasonal influence on sunlight time series to predict oscillations of the solar potential for generation of electricity and thermal energy along with its implications on climate changes. It is confirmed that there has been a decrease of 1% in the average variation of insolation from 1961 to 2011 and a trend of lower rates in all seasons. Both the predicted and measured...
In addition to its adverse impacts on power system operations, the large-scale integration of renewable energy sources presents market design challenges as it exacerbates the missing money problem by moving value from energy to capacity markets. Energy-only markets have been touted as a mechanism for alleviating the missing money problem, although demand response is widely recognized as the ultimate...
Several European countries are increasingly focusing on renewable energy in order to satisfy their demand. A core problem of these sources is their reliability, which means less continuously available energy is accessible. Smart grids are trying to cope with this problem by adding intelligence to the net, which tries to adjust the load according to the current produced amount of electrical energy...
Estimation of the economic impacts of the power interruptions is a challenging task. There are several methodologies proposed to assess these costs. Each methodology has certain advantages and disadvantages. This paper summarizes the policy changes done by the Finnish authorities to improve the electric power reliability and it presents the calculation of the customer interruption costs via the model...
Net Present Value (NPV), Weighted Average Cost of Capital (WACC), Internal Rate of Return (IRR), and Total-Life Cost of Capital (TLCC) are economic concepts widely used in capital budgeting to measure and compare the profitability of investments. More specifically, in the electricity sector these measures, with the Levelized Cost of Energy (LCOE), are very often used to assess investments in generation...
This paper presents a hybrid model for electricity price forecasting with focus on price spikes predictions. Nowadays, short-term forecasts have become increasingly important since the rise of the competitive spot electricity markets. A two-layered model is introduced for forecasting 7-days ahead hourly electricity price values of electricity spot market. Due to the importance of improved analysis...
Frequent congestions that occurred at the border between PJM and MISO inevitably forced the two regional planners to find a remedy based on transmission solutions. This triggered the two RTOs to develop a joint methodology that would be acceptable to both entities. Such a methodology for promoting cross-border transmission at the seams of two adjacent electricity market systems is presented. This...
The integration of variable renewable energy resources result in an increased need for operational flexibility. Energy storage is one of the alternatives to conventional generation technologies to provide this flexibility. A generic model for energy storage is introduced into a generation expansion planning model, considering operational constraints of power plants and system balancing requirements...
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