The Economics of Electricity Markets
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The Economics of Electricity Markets

Theory and Policy

Edited by Pippo Ranci and Guido Cervigni

The Economics of Electricity Markets provides a cutting-edge analysis of the critical issues involved in the design and operation of electricity markets, as well as an assessment of alternative institutional arrangements that have either been implemented or are under discussion in Europe and the US.
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Chapter 2: Wholesale electricity markets

Theory and Policy

Guido Cervigni and Dmitri Perekhodtsev


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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