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Lecture

Energy Contracts & Market Mechanisms

In course

EE-570: Power system restructuring and deregulation

This course presents different types and mechanisms of electricity markets. It addresses in particular their impacts on power/distribution systems operation and consequently the appropriate strategies capable to ensure a secure and reliable functioning. ...

Description

This lecture covers energy contracts and market mechanisms, focusing on concepts such as contract for differences, market clearing price determination, pool trading mechanism, and impact of elasticity on market dynamics. It also includes examples illustrating financial balances in energy trading scenarios.

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Instructor

Sidi-Rachid Cherkaoui

Rachid Cherkaoui received the M.S. degree in electrical engineering and the Ph.D. degree from Swiss Federal Institute of Technology (EPFL), Lausanne, in 1983 and 1992 respectively. From 1983 to 1987, he worked at Entreprises Electriques Fribourgeoises (Swiss electrical utility) developing a state estimator and security analysis tools for the HV transmission system of that company. From 1987 to 1992, he joined the power system laboratory of EPFL where he achieved his Ph.D. thesis in the field of optimal operation topologies for distribution systems. In this respect, he was the recipient of the ABB Swiss Award83. Since 1993, he is leading the research activities in the field of optimization and simulation techniques applied to electrical power and distribution systems. Presently his main research topics are electricity market deregulation, distributed generation and storage, and, power system vulnerability mitigation. He is senior member of IEEE, member of technical program committees of various conferences, member of CIGRE task forces C5-2, and IEEE Swiss Chapter officer since 2005. He serves regularly as reviewer for different journals and conferences. Dr. Cherkaoui is the author or co-author of more than 50 scientific publications.

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Related concepts (32)

Market clearing

In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "friction" impeding price changes, prices constantly adjust up or down to ensure market clearing.

Commodity market

A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management.

Market economy

A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.

Futures contract

In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the forward price. The specified time in the future when delivery and payment occur is known as the delivery date.

Economic equilibrium

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.

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