Advertisement
Published in:
2021 | OriginalPaper | Chapter
18. Electricity Markets and Regulation
Authors : Philip Southwell, Gregory H. Thorpe, Alex Cruickshank, Colin Ray
Published in: Springer Handbook of Power Systems
Publisher: Springer Singapore
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
Abstract
The reliability and cost of electricity is critical to the success of modern economies. Infrastructure needed to provide the desired services requires large amounts of capital expenditure and governments are keen to ensure prices are kept to a minimum while maintaining the required reliability. To this end, electricity markets have been introduced to allow electricity generating and retailing companies to compete. At the same time regulations have been put in place to minimize anticompetitive activities and ensure that any monopoly services are charged at fair and reasonable rates.
This chapter explores the design and operation of electricity markets and regulation in relation to power systems. It briefly considers the evolution of the electricity industry and provides a general description of the range of market models used and the associated regulation applied to assist their efficient operation. Practical examples from various countries around the world are also provided.