Theory and Policy
The Loyola de Palacio Series on European Energy Policy
Edited by Pippo Ranci and Guido Cervigni
Trading electricity in a similar way to other commodities requires special arrangements. Transaction costs are reduced by product standardisation, and a central agent, the system operator, ensures that production and consumption match on a constant basis regardless of actions by generators and consumers. Figure 2.1 illustrates the typical timeline of electricity transactions. In this chapter we discuss transactions taking place in wholesale electricity markets, splitting them into two groups: electricity market transactions and transactions related to system operations.
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