Internalizing carbon costs in electricity markets: Using certificates in a load-based emissions trading scheme

Several western states have considered developing a regulatory approach to reduce greenhouse gas (GHG) emissions from the electric power industry, referred to as a load-based (LB) cap-and-trade scheme. A LB approach differs from the traditional source-based (SB) cap-and-trade approach in that the emission reduction obligation is placed upon Load Serving Entities (LSEs), rather than electric generators. The LB approach can potentially reduce the problem of emissions leakage, relative to a SB system. For any of these proposed LB schemes to be effective, they must be compatible with modern, and increasingly competitive, wholesale electricity markets. LSE's are unlikely to know the emissions associated with their power purchases. Therefore, a key challenge for a LB scheme is how to assign emissions to each LSE. This paper discusses the problems with one model for assigning emissions under a LB scheme and proposes an alternative, using unbundled Generation Emission Attribute Certificates. By providing a mechanism to internalize an emissions price signal at the generator dispatch level, the tradable certificate model addresses both these problems and provides incentives identical to a SB scheme.     

Heterogeneous Labour Markets in a Microsimulation–AGE Model: Application to Welfare Reform in Germany

Labour market reforms that are designed to stimulate labour supply at the lower end of the wage distribution can never be precisely restricted to the target group. Spillovers to and feedback from other segments of the labour market are unavoidable and may counteract the direct effects of the reform. An adequate representation of heterogeneous labour markets becomes therefore an important issue for the assessment of reforms. We analyse the possible interactions between labour market segments in a combined, consistent microsimulation–AGE model with a flexible representation of substitution possibilities and different mechanisms of wage determination. We look at a stylised reform and find labour-demand cross-price elasticities between the low and medium skilled to be the main drivers of the results. Interaction with the high-skilled segment is less pronounced.      

国际造纸化学品公司及其在我国的发展

国际造纸化学品公司是造纸化学品开发和推广的重要力量,它们在我国造纸化学品工业的发展过程中也起了重要的作用,该文简述了国际造纸化学品公司以及它们在我国的发展.     

Origin of Mobile Cellular Network Technologies and Markets in Germany and China

The inventive foundation of mobile cellular technologies was laid about 100 years ago. Wireless voice service was commercialised in the 1940s by AT&T. In Germany, public and non-cellular wireless service was established by Deutsche Bundespost in the late 1950s and the first analogue cellular network called C-Netz emerged in the mid-1980s. In China, the first mobile cellular networks called TACS-A and TACS-B were installed by Ministry of Post and Telecommunication in the late 1980s. While describing the events in Germany and China, this paper concentrates on discussing the related technologies and their impacts in the marketplace. A comparison summarises some important findings. Japan and Europe's Nordic countries were the first nations to commercialise the 1st generation analogous cellular technologies. There existed A- and B-Network in Germany and China, but the network nature of them is quite different. The market development in Germany and China was similar. The enlarged network capacity accommodated gradually more subscribers and prices related to the cellular services fell continuously. However, China's fee system was more complicated and has adopted the RPP regime, while Germany has been using the CPP billing. The article concludes that implications such as the relationship between science and technology, time lag between scientific discovery and technological applications and technology spillover from military to civilian area are the economic lessons learnt from the story of cellular origin.     

The peak of oil production—Timings and market recognition

Energy is essential for present societies. In particular, transportation systems depend on petroleum-based fuels. That world oil production is set to pass a peak is now a reasonably accepted concept, although its date is far from consensual. In this work, we analyze the true expectations of the oil market participants about the future availability of this fundamental energy source. We study the evolution through time of the curves of crude oil futures prices, and we conclude that the market participants, among them the crude oil producers, already expect a near-term peak of oil production. This agrees with many technical predictions for the date of peak production, including our own, that point to peak dates around the end of the present decade. If this scenario is confirmed, it can cause serious social and economical problems because societies will have little time to perform the necessary adjustments.     

The Multifactor Nature of the Volatility of Futures Markets

This paper estimates a model of interest rate dynamics containing multi-factor Wiener and single-factor Poisson jump volatility components. Data from the highly liquid but short term futures markets are used. The difficult numerical problem of estimating such multi-factor models is resolved by using a genetic algorithm to carry out the optimization procedure. It is established that the multi-factor Wiener volatility components are adequate to model the interest rate dynamics without the need to incorporate Poisson jump components, the existence of which would create difficulties in the practical use of interest rate models. Jel Classification No: C51, C61, E43     

Agent-intermediated electronic markets in international freight transportation

In many industries, agent-intermediated markets are inefficient because information about latent demand and supply never gets to market. We demonstrate how information technology (IT) in the form of an agent-intermediated electronic market (EM) alleviates this problem by enhancing the agent-as-market-maker using the international freight transportation industry as an example. We find that an EM increases agent participation and investment thereby increasing demand and supply. Because of tradeoffs between incentives for investment, the EM chooses a profit allocation between agents resulting in limited agent participation. In addition, when price depends on demand and supply balances, price and volume in the market can increase simultaneously.     

上海发电电力市场的运营模式

上海发电电力市场是我国电力工业“厂网分开，竞价上网”的首批试点成果之一，已取得重要的工作成效。文中就上海发电电力市场的建立、现货运作规则、电能量与辅助服务的经济补偿细则等进行了简要介绍，同时提出需要继续解决的一些问题，以期为电力市场新型理论和方法的研究提供进一步的研究方向。     

Economic efficiency of coordinated multilateral trades in electricity markets

This paper presents economic efficiency evaluation of electricity markets operating on the basis of a coordinated multilateral trading concept. The evaluation accounts for the overall costs of power generation, network losses, and system and unit constraints. We assume a non-collusive oligopolistic competition. An iterative Cournot model is used to characterize the competitive behavior of suppliers. A supplier maximizes the profit of each of his generating units while taking rivals' generation as given. Time span is over multiple hours. This leads to a mixed integer non-linear programming problem. We use the augmented Lagrangian approach to solve iteratively for globally optimal schedules. An IEEE 24-bus, 8-supplier, and 17-customer test system is used for illustration. The results show that such a market at times of light demands exhibits little market power, and at times of large demands exhibits a great deal of market power. This contrasts with the PCMI and HHI concentration measures, which give fixed measurement values of market power. The results of two-year (730 round) market simulations show a range of deadweight efficiency loss between 0.9 and 6% compared to that of PoolCo which results in a range between 0.5 and 10% for the same test case.     

Solar-plus-storage economics: What works where,and why?

This paper explores the economics of solar-plus-storage projects for commercial-scale, behind-the-meter applications. It provides insight into the near-term and future solar-plus-storage market opportunities across the U.S. We explore the impacts of location, building load profile, technology cost, utility rate structure, and policies on solar-plus-storage economic viability, and identify which factors are most significant to project economics. While savings from storage-only projects are largely derived from demand charge reductions, solar combined with storage also provides significant energy charge savings. A common assumption is that load profiles with peaks are likely candidates for savings from storage, due to the opportunity for demand charge reduction. Our results indicate that potential for savings from combining solar with storage is independent of building load variability, likely due to the energy cost reductions from the solar. Systems are more often economical under time of use and demand charge rates, particularly when demand charges are >$10 per kilowatt. Where systems were found to be economical, expected lifetime savings averaged between 7%–10%, with savings of 30% in numerous cases. Near term markets exist for solar-plus-storage in locations such as California and New York. As technology prices drop, the number of building types that can benefit increase, and additional markets appear in Colorado, New Mexico, and Alaska. All data from the study and interactive modeling results are available at: https://openei.org/wiki/Solar+Storage.