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Swapping Generators' Assets: Market Salvation or Wishful Thinking?

Anthony Downward, David Young, and Golbon Zakeri

Year: 2011
Volume: Volume 32
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol32-No2-2
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Abstract:
The idea of rearranging generation assets amongst firms to improve competition has once again surfaced in a recent report on improvements to the New Zealand Electricity Market. We present counterexamples to show that rearranging assets, either with asset divestiture to a new firm, or asset swaps between existing firms, may actually reduce competition in electricity markets. Our examples emphasize features that are particular to electricity, such as seasonality and transmission constraints. These results warn that applying economic rules of thumb to electricity markets may lead to erroneous conclusions.



A Clean Energy Standard Analysis with the US-REGEN Model

Geoffrey J. Blanford, James H. Merrick, and David Young

Year: 2014
Volume: Volume 35
Number: Special Issue
DOI: 10.5547/01956574.35.SI1.8
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Abstract:
A clean energy standard (CES) is a potential policy alternative to reduce carbon emissions in the electric sector. We analyze this policy under a range of technological assumptions, expanding on the Energy Modeling Forum (EMF) 24 study scenarios, using a new modeling tool, US-REGEN. We describe three innovative features of the model: treatment of spatial and temporal variability of renewable resources, cost-of-service electric sector pricing, and explicit representation of energy end-use specific capital. We find that varying technology assumptions results in vastly different futures, with large contrasts in the distribution and scale of inter-regional financial flows, and in the generation mix. We explore regional differences in how the costs of CES credits are passed through with cost-of-service vs. competitive pricing. Finally, we compare the CES to an economy-wide emissions cap. We find that although the two policies result in a similar generation mix, price and electricity end-use results differ. Keywords: Clean energy standard, Market-based environmental policy, Greenhouse gas mitigation, Energy modelling, Electricity modeling





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