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Customer Responsiveness to Real-Time Pricing of Electricity

Jay Zarnikau

Year: 1990
Volume: Volume 11
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No4-6
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Abstract:
The success of real-time pricing efforts will depend in large part upon the extent to which electricity consumers are able to alter their consumption patterns in response to the prices quoted by the utility. This article provides some original estimates of hourly price elasticity responses to real-time prices by large industrial energy consumers.



A Note: Will Tomorrow's Energy Efficiency Indices Prove Useful in Economic Studies?

Jay Zarnikau

Year: 1999
Volume: Volume20
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-No3-6
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Abstract:
Recent attempts to construct national energy efficiency indices begin with the construction of "Btu aggregates" which are developed by adding together different energy resources based on their heating potential values or the heating values of the primary energy resources used to produce the energy resources which are ultimately consumed. The resulting indices may be of limited use in economic studies, where it is often important to consider the relative economic value of various component resources and their substitutability in response to relative price changes. In such applications, But aggregates will tend to suggest greater achievements in energy efficiency during periods of electrification than would an approach which aggregates different energy resources based on their market values.



Blowing in the Wind: Vanishing Payoffs of a Tolling Agreement for Natural-gas-fired Generation of Electricity in Texas

Chi-Keung Woo, Ira Horowitz, Brian Horii, Ren Orans, and Jay Zarnikau

Year: 2012
Volume: Volume 33
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol33-No1-8
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Abstract:
We use a large Texas database to quantify the effect of rising wind generation on the payoffs of a tolling agreement for natural-gas-fired generation of electricity. We find that while a 20% increase in wind generation may not have a statistically-significant effect, a 40% increase can reduce the agreement's average payoff by 8% to 13%. Since natural-gas-fired generation is necessary for integrating large amounts of intermittent wind energy into an electric grid, our finding contributes to the policy debate of capacity adequacy and system reliability in a restructured electricity market that will see large-scale wind-generation development.Keywords: Wind generation, Tolling agreement, Spark spread option, Investment incentive



What Moves the Ex Post Variable Profit of Natural-Gas-Fired Generation in California?

Chi-Keung Woo, Ira Horowitz, Jay Zarnikau, Jack Moore, Brendan Schneiderman, Tony Ho, and Eric Leung

Year: 2016
Volume: Volume 37
Number: Number 3
DOI: 10.5547/01956574.37.3.cwoo
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Abstract:
We use a large California database of over 32,000 hourly observations in the 45month period of April 2010 through December 2013 to document the ex post variable profit effects of multiple fundamental drivers on natural-gas-fired electricity generation. These drivers are the natural-gas price, system loads, nuclear capacities available, hydro conditions, and renewable generation. We find that profits are reduced by increases in generation from nuclear plants and wind farms, and are increased by increases in the natural-gas price and loads. Solar generation has a statistically insignificant effect, although this will likely change as solar energy increases its generation share in California's electricity market. Our findings support California's adopted resource adequacy program under which the state's load-serving entities may sign long-term bilateral contracts with generation developers to provide sufficient revenues to enable construction of new natural-gas-fired generation plants.



Winter Residential Optional Dynamic Pricing: British Columbia, Canada

Chi-Keung Woo, Jay Zarnikau, Alice Shiu, and Raymond Li

Year: 2017
Volume: Volume 38
Number: Number 5
DOI: https://doi.org/10.5547/01956574.38.5.cwoo
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Abstract:
This paper estimates the daily kWh responses on a working weekday of 1326 single-family-home residents who voluntarily participated in a residential optional dynamic pricing (RODP) pilot in the winter-peaking coastal province of British Columbia (BC) in western Canada. Based on the pilot's operation in November 2007-February 2008, we estimate that the kWh reduction in the peak period of 4-9 pm on a working weekday sans an in-home display (IHD) is: (a) 2.2% to 4.4% at time-of-use tariffs with peak-to-off-peak price ratios of 2.0 to 6.0; and (b) 4.8 to 5.3% at critical peak pricing tariffs with peak-to-off-peak price ratios of 8.0 to 12.0. The IHD approximately doubles these estimated peak kWh reductions. As BC residents already have smart meters with an IHD function, these findings recommend exploring the use of a system-wide RODP program to improve the BC grid's system efficiency.





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