Modelling of electricity market in Europe: Lessons for Nigeria

The introduction of deregulation into the power system planning operation and marketing has been reported to improve the system efficiency and reduce loss of revenue and at the same time encourage entrepreneur. From South America (Chile) to the Europe (England and Wales) to the North America (Pennsylvania-New Jersey-Maryland interconnection) the story has been quite similar except for a few pockets of challenges in these places. This foregoing experience with the power system deregulation has been able to boost the interest of Africa, especially Nigeria in the quest for power restructure for improved efficiency. In the proposed work, the various market models of European electricity markets (EEM) shall be reviewed in order to fashion a more efficient market model for Nigeria. It is strongly believed that the model developed here could be adapted by any developing economy with serious preference for African and Asian countries.