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Imperfect Markets and Imperfect Regulation - An Introduction to the Microeconomics and Political Economy of Power Markets (Hardcover)
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Imperfect Markets and Imperfect Regulation - An Introduction to the Microeconomics and Political Economy of Power Markets (Hardcover)
Series: The MIT Press
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The first textbook to present a comprehensive and detailed economic
analysis of electricity markets, analyzing the tensions between
microeconomics and political economy. The power industry is
essential in our fight against climate change. This book is the
first to examine in detail the microeconomics underlying power
markets, stemming from peak-load pricing, by which prices are low
when the installed generation capacity exceeds demand but can rise
a hundred times higher when demand is equal to installed capacity.
The outcome of peak-load pricing is often difficult to accept
politically, and the book explores the tensions between
microeconomics and political economy. Understanding peak-load
pricing and its implications is essential for designing robust
policies and making sound investment decisions. Thomas-Olivier
Leautier presents the model in its simplest form, and introduces
additional features as different issues are presented. The book
covers all segments of electricity markets: electricity generation,
under perfect and imperfect competition; retail competition and
demand response; transmission pricing, transmission congestion
management, and transmission constraints; and the current policy
issues arising from the entry of renewables into the market and
capacity mechanisms. Combining anecdotes and analysis of real
situations with rigorous analytical modeling, each chapter analyzes
one specific issue, first presenting findings in nontechnical terms
accessible to policy practitioners and graduate students in
management or public policy and then presenting a more mathematical
analytical exposition for students and researchers specializing in
the economics of electricity markets and for those who want to
understand and apply the underlying models.
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