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There is a need for fundamental changes in the ways society views
electric energy. Electric energy must be treated as a commodity
which can be bought, sold, and traded, taking into account its
time-and space-varying values and costs. This book presents a
complete framework for the establishment of such an energy
marketplace. The framework is based on the use of spot prices. In
general terms: o An hourly spot price (in dollars per kilowatt
hour) reflects the operating and capital costs of generating,
transmitting and distributing electric energy. It varies each hour
and from place to place. o The spot price based energy marketplace
involves a variety of utility-customer transactions (ranging from
hourly varying prices to long-term, multiple-year contracts), all
of which are based in a consistent manner on hourly spot prices.
These transactions may include customers selling to, as well as
buying from, the utility. The basic theory and practical
implementation issues associated with a spot price based energy
marketplace have been developed and discussed through a number of
different reports, theses, and papers. Each addresses only a part
of the total picture, and often with a somewhat different notation
and terminology (which has evolved in parallel with our growing
experience). This book was xvii xviii Preface written to serve as a
single, integrated sourcebook on the theory and imple mentation of
a spot price based energy marketplace."
There is a need for fundamental changes in the ways society views
electric energy. Electric energy must be treated as a commodity
which can be bought, sold, and traded, taking into account its
time-and space-varying values and costs. This book presents a
complete framework for the establishment of such an energy
marketplace. The framework is based on the use of spot prices. In
general terms: o An hourly spot price (in dollars per kilowatt
hour) reflects the operating and capital costs of generating,
transmitting and distributing electric energy. It varies each hour
and from place to place. o The spot price based energy marketplace
involves a variety of utility-customer transactions (ranging from
hourly varying prices to long-term, multiple-year contracts), all
of which are based in a consistent manner on hourly spot prices.
These transactions may include customers selling to, as well as
buying from, the utility. The basic theory and practical
implementation issues associated with a spot price based energy
marketplace have been developed and discussed through a number of
different reports, theses, and papers. Each addresses only a part
of the total picture, and often with a somewhat different notation
and terminology (which has evolved in parallel with our growing
experience). This book was xvii xviii Preface written to serve as a
single, integrated sourcebook on the theory and imple mentation of
a spot price based energy marketplace."
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