Title :
Trading electrical energy in open electricity markets in Australia
Author :
Mielczarski, W. ; Michalik, G.
Author_Institution :
Dept. of Electr. & Comput. Syst. Eng., Monash Univ., Clayton, Vic., Australia
fDate :
31 Jan-4 Feb 1999
Abstract :
This paper presents the introduction of an open electricity market in Victoria, Australia, and the analysis of spot prices from July 1994 till January 1998. A new structure of a competitive market where independent energy suppliers and users create electricity prices in a bidding system is discussed. Electricity trading takes three major forms: vesting contracts, hedge contracts and the spot market. Although less than 10% of electrical energy is purchased in the spot market, spot prices strongly affect contract prices and the behaviour of pool participants. The statistical analysis of spot prices shows a continuing trend towards very low spot prices. However, network limitations and the coincidence of scheduling line maintenance with hot weather leads to extremely high prices. The anatomy of the Black Week in November 1997 is discussed in detail.
Keywords :
costing; electricity supply industry; Australia; Black Week; Victoria; bidding system; competitive market; contract prices; electrical energy purchase; electrical energy trading; electricity pool participants behaviour; electricity prices creation; extremely high prices; hedge contracts; hot weather; independent energy suppliers; network limitations; open electricity markets; scheduling line maintenance; spot market; spot prices; spot prices analysis; statistical analysis; very low spot prices; vesting contracts; Australia; Companies; Contracts; Electricity supply industry; Power demand; Power engineering and energy; Power engineering computing; Power generation; Power markets; Privatization;
Conference_Titel :
Power Engineering Society 1999 Winter Meeting, IEEE
Print_ISBN :
0-7803-4893-1
DOI :
10.1109/PESW.1999.747281
