LESSONS FROM LIBERALISED ELECTRICITY MARKETS OECD Księgarnia

After a decade or more of experiences in reforming electricity markets in several pioneer regions, some important lessons can now be drawn. This book gives an assessment of these developments, focusing on the issues that are critical for successful electricity market liberalisation. One lesson is that it is a long process which requires strong on-going government involvement and commitment.

Experiences and examples in the study are mainly drawn from the UK, Australian, Nordic and North Eastern United States (the PJM interconnection) markets, which have all operated with considerable success for a number of years. They have improved efficiency without jeopardising system security. These markets are described in greater detail in annexes of the book but the main analysis focuses on key issues rather than on specific countries and regions or specific market models. The study explores different solutions used in those relatively robust markets and the remaining challenges.

The issues covered in the study are: the rationale and benefits of liberalisation; the governance required to create effective competition; the role of prices and transparent wholesale markets; consumer protection; incentives for investment, and; impact of addressing security of supply and environmental policy.

TABLE OF CONTENTS

Executive Summary.

Introduction

Chapter 1

Electricity market liberalisation has delivered long term benefits

Indicators of Success

Market Liberalisation is a Process rather than an Event

Distributing the Benefits of Liberalisation

Chapter 2

Competition is the fuel for effective markets

Competitive Markets Replace Vertically Integrated Utilities

Legislative and Regulatory Framework for Effective Competition

Regulating Competition

Chapter 3

Price signals are the glue

Prices to Reflect the Inherently Volatile Nature of Electricity

Locational Pricing

Markets for Ancillary Services

Cross-border Trade Creates Benefits

Market Models

Chapter 4

Risk Management and

Consumer Protection

Power Utilities Use Contracts to Manage Risks

Contracts Offer Protection for Consumers

Retail Competition

Chapter 5

Investment in Generation and

Transmission

Market-driven Investment in Generation

Demand Participation as an Alternative

Planned Investment and Capacity Measures

Investment in Transmission Networks

Co-ordination of Transmission Investment

Chapter 6

When do liberalised electricity markets fail?

Reliability of Supply in Liberalised Electricity Markets

Addressing Environmental Issues and Climate Change

Annex 1

British Electricity Trading and

Transmission Arrangements

Annex 2

The Nordic electricity market

Annex 3

Australian National Electricity Market

Annex 4

Pennsylvania - New Jersey - Maryland

Interconnection (PJM)

References

List of Tables

1 • Models for unbundling of transmission system operation

2 • Liquidity in various electricity markets: turnover in different market segments as share of total consumption, 2004

3 • Switching rates amongst contestable customers: number of customers no longer supplied by incumbent retailer as share of total number of residential and non-residential customers

4 • Price caps in PJM, Australian, British and Nordic markets.

5 • Demand participation: committed by system operators with minimum additional assessed and observed demand participation

List of Figures

1 • Electricity prices paid by end-consumers

2 • Flow over interconnectors between western Denmark and Norway, and western Denmark and Sweden

3 • Employment in electricity, gas and water

4 • A new model for the electricity sector

5 • Timeline for planning and operation

6 • Supply and demand in liberalised electricity markets

7 • Electricity trade between two areas

8 • Reservoir levels in Norway and Sweden, trade between Norway and Sweden, and Nord Pool spot price, 2002-2004

9 • Year in which all consumers are allowed to switch retailer

10 • Average monthly prices in national electricity market, Australia

11 • Installed capacity principal power stations in National Electricity Market, Australia

12 • Price duration curves for the highest percent in South Australia

13 • Price duration curves: national electricity market, Australia

14 • Nord Pool forward prices, yearly contract, three years ahead

15 • Demand participation improves market and system performance

16 • Annual average increase in length of 220-400 kV transmission lines in 16 European countries

17 • The value chain for reliable electricity supply: Energy security, adequacy and system security

18 • Wind power production and Nord Pool day-ahead prices in western Denmark, December 2003

19 • Wind power production in western Denmark and trade with Nordic neighbours

224 pages, Paperback or PDF version

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