Uncertainty in the Electric Power Industry: Methods and Models for Decision Support

Uncertainty in the Electric Power Industry: Methods and Models for Decision Support, 9780387230474 (0387230475), Springer, 2004

Starting in Chile, the UK and Norway, liberalization and privatization
have been a major theme in the electricity industry during the last decade.

Through the introduction of competition and economic considerations,
governments around the world have attempted to obtain more reliable and
cheaper services for the electricity customers. A major step in Europe has
been the directive of the European Commission in the end of 1996 (EU
1997), requiring the stepwise opening of electricity markets in the European
Union, ending with a fully competitive market at the latest in 2010. Also in
the US, many federal states have taken steps towards competitive and
liberalized markets, with California and several East coast states being
among the first movers. But California is nowadays often cited as the preeminent
example for the risks and difficulties associated with liberalization.

Adding to this the Enron collapse at the end of 2001, the strive for
liberalization has considerably been slowed down and the uncertainties and
risks inherent in liberalized electricity markets are much more in view.

In order to avoid throwing away the baby with the bath, one has to look
carefully at the decision situation faced by the different actors in liberalized
electricity markets. Special attention has thereby to be devoted to the
generation companies, since they are exposed to the risks of competition and
at the same time have to afford huge and to a large extent irreversible
investments.

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