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Residential Substitution of Off-peak for Peak Electricity Usage under Time-of-Use Pricing

Douglas W. Caves and Laurits R. Christensen

Year: 1980
Volume: Volume 1
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-4
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Abstract:
This article reports on the methodology, procedures, and conclusions from the first phase of our econometric analysis of the Wisconsin Time-of-Use (TOU) Electricity Pricing Experiment.' Dur-ing Phase I, which took place during the summers of 1976 and 1977, we confined our attention to assessing consumer ability and/or willingness to shift electricity usage from peak to off-peak (P/OP)

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An Integrated Framework for Energy Pricing in Developing Countries

Mohan Munasinghe

Year: 1980
Volume: Volume 1
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No3-1
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Abstract:
In recent years, decisionmakers in an increasing number of countries have realized that energy sector investment planning and pricing should be carried out on an integrated basis, e.g., within the framework of a national energy master plan that determines energy policy, ranging from short-run supply-demand management to long-run planning. However, in practice investment planning and pricing are still carried out on an ad hoc and at best partial or subsector basis. Thus, electricity and oil subsector planning have traditionally been carried out independent of each other as well as independent of other energy subsectors. As long as energy was cheap, such partial approaches and the resulting economic losses were acceptable, but lately, with rising energy costs and changes in relative fuel prices

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Loan Management: Rationing Versus Peak Load Pricing

Sanford V. Berg

Year: 1981
Volume: Volume 2
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No1-6
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Abstract:
Rising costs in the electric utility industry have focused attention on ways to control or adjust kilowatt-hours (kWh) consumed during certain hours of the day. The economist's solution has tended to involve support for peak load pricing (PLP). In theory, PLP structures are supposed to reflect the opportunity cost to society of providing electricity at particular hours. However, the problem of measuring marginal opportunity costs is difficult at best, and few electricity-pricing schemes that have been proposed set prices equal to marginal opportunity costs. Furthermore, there are costs involved in using price signals: monitoring hourly electricity consumption involves further capital expenditures; consumer acceptance and understanding of complex pricing schemes is questionable; and, even if the "correct" signals are given, it is not clear that residential (and other) consumers are responsive to higher prices during periods of peak usage, and this ambiguity complicates the electric utility planning process.

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Industrial and Commercial Demand for Electricity by Time-of-Day: A California Case Study

Chinbang Chung, Dennis J. Aigner

Year: 1981
Volume: Volume 2
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No3-7
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Abstract:
Recently there has been much interest in time-of-use (TOU) pricing structures for electric utilities. TOU pricing reflects more closely than conventional pricing the cost components of supplying electricity, which vary over the course of a single day as well as over days of the week and seasons of the year. Although such pricing structures have long been used in Europe, they did not receive much attention in the United States prior to 1974.

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Costs and Benefits of Residential Time-of-Use Metering

David Huettner, Jack Kasulis, and Neil Dikeman

Year: 1982
Volume: Volume 3
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No3-6
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Abstract:
During the past few years interest in time-of-day (TOD) pricing has grown in the electric utility industry. Federal regulations, par-ticularly the Public Utility Regulatory Policy Act (PURPA), plant licensing problems, and the extremely high cost of new utility plants along with regulatory commission unwillingness to pass on higher costs to consumers have all played a part in this process. As the results of various TOD experiments have become available, interest has naturally turned to assessing costs and benefits.

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Power Factors and the Efficient Pricing and Production of Reactive Power

Sanford V. Berg with the assistance of Jim Adams and Bob Niekum

Year: 1983
Volume: Volume 4
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-NoSI-6
No Abstract

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Optimal Oil Producer Behavior Considering Macrofeedbacks

Harry D. Saunders

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-1
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Abstract:
Oil producer decisions on oil pricing and production can affect consumer countries' economies in ways directly affecting producers' interests. The short- and long-term evolution of oil demand in consumer economies is, of course, strongly affected by producer actions. But so also may be returns on assets that producers hold in these economies.

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Petroleum Price Elasticity, Income Effects, and OPEC's Pricing Policy

F. Gerard Adams and Jaime Marquez

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-7
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Abstract:
A standard result from static economic theory is that a monopolist with zero cost will maximize profits by charging the price at which the demand has unit elasticity. Yet, the demand for petroleum, as seen by consumers, is price inelastic, and empirical estimates of the price elasticity for petroleum are typically less than one. Given the relatively low production cost for Middle East oil and the optimization rule referred to above, a natural question is whether OPEC, acting as a monopoly, has exhausted its potential for forcing price increases or whether it will ultimately be able to charge still higher prices as it tries to optimize its earnings. This possibility of higher oil prices is important for OPEC and for oil-consuming countries-for OPEC because the finite nature of resources implies that excess production today represents an irrecoverable loss; for consuming countries because of the high cost of oil and the adverse consequences of still higher oil prices on inflation and unemployment.

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Conditional Demand Analysis for Estimating Residential End-Use Load Profiles

Dennis J. Aigner, Cynts Sorooshian, and Pamela Kerwin

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-6
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Abstract:
This paper reports some preliminary results from an ongoing study that uses regression methods to break down total household load into its constituent parts, each associated with a particular electricity-using end use or appliance. The data base used for this purpose consists of 15-minute integrated demand readings on a random sample of statistical control group customers from the Los Angeles Department of Water and Power TOD (time of day)-pricing experiment for the months of August 1978 (132 customers), 1979 (108 customers), and 1980 (80 customers). Twenty-four regression equations are fitted, each one aimed at explaining variation in the time-averaged load (averaged over days of the month) over customers as a function of temperature, house size, and binary indicator variables that indicate the presence or absence of each of the end uses of interest. This sort of method for extracting the individual contributions of end uses to total household load has become known as conditional demand analysis (Parti and Parti, 1981). The success of this method for isolating end-use loads statistically, without direct metering of the appliance, depends crucially on whether the ownership patterns of appliances are well mixed. For example, if (as in our sample) everyone owns at least one refrigerator, it will be impossible to isolate refrigerator load. Similarly,

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A Note on Measuring Household Welfare Effects of Time-of-Use (TOU) Pricing

Chi-Keung Woo

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-12
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Abstract:
Several recent studies address the issue of household welfare effects caused by the implementation of time-of-use (TOU) pricing of electricity (for example, see Aigner and Lillard, 1982; Aigner and Learner, 1982; Parks, 1983; and Caves et al., 1983). In these studies, the historical average price is used to assess the household welfare change. Implicit in their approach is the assumption that the original electricity rate structure is a flat one. In fact, however, the common rate structure is multitier, frequently an inverted block. While the literature on demand for electricity includes extensive discussions of whether the average price or the marginal price is the correct price signal to a residential customer (e.g., Taylor, 1975; Nordin, 1976; Terza and Welch, 1982; and Billings, 1982), little attention has been given to evaluating welfare change resulting from TOU pricing.

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