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Electricity Market
An electricity market is a system that enables the exchange of electrical energy, through an electrical grid. Historically, electricity has been primarily sold by companies that operate electric generators, and purchased by consumers or electricity retailers. The electric power industry began in the late 19th century in the United States and United Kingdom. Throughout the 20th century, and up to the present, there have been deep changes in the economic management of electricity. Changes have occurred across different regions and countries, for many reasons, ranging from technological advances (on supply and demand sides) to politics and ideology. Around the turn of the 21st century, several countries restructured their electric power industries, replacing the vertically integrated and tightly regulated "traditional" electricity market with market mechanisms for electricity generation, transmission, distribution, and retailing. The traditional and competitive market app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greenhouse Gas Emissions
Greenhouse gas (GHG) emissions from human activities intensify the greenhouse effect. This contributes to climate change. Carbon dioxide (), from burning fossil fuels such as coal, petroleum, oil, and natural gas, is the main cause of climate change. The top contributors to greenhouse gas emissions, largest annual emissions are from China followed by the United States. The United States has List of countries by greenhouse gas emissions per capita, higher emissions per capita. The main producers fueling the emissions globally are Big Oil, large oil and gas companies. Emissions from human activities have increased Carbon dioxide in Earth's atmosphere, atmospheric carbon dioxide by about 50% over pre-industrial levels. The growing levels of emissions have varied, but have been consistent among all greenhouse gases. Emissions in the 2010s averaged 56 billion tons a year, higher than any decade before. Total cumulative emissions from 1870 to 2022 were 703 (2575 ), of which 484±20 (177 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivative (finance)
In finance, a derivative is a contract between a buyer and a seller. The derivative can take various forms, depending on the transaction, but every derivative has the following four elements: # an item (the "underlier") that can or must be bought or sold, # a future act which must occur (such as a sale or purchase of the underlier), # a price at which the future transaction must take place, and # a future date by which the act (such as a purchase or sale) must take place. A derivative's value depends on the performance of the underlier, which can be a commodity (for example, corn or oil), a financial instrument (e.g. a stock or a bond), price index, a price index, a currency, or an interest rate. Derivatives can be used to insure against price movements (Hedge (finance)#Etymology, hedging), increase exposure to price movements for speculation, or get access to otherwise hard-to-trade assets or markets. Most derivatives are price guarantees. But some are based on an event or p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transmission Rights (electricity Market)
In power engineering, transmission congestion occurs when overloaded transmission lines in an electrical grid are unable to carry additional electricity flow due to the risk of overheating. During grid congestion, the transmission system operator (TSO) has to direct the providers to adjust their dispatch levels to accommodate the constraint. In an electricity market a power plant may be able to produce electricity at a competitive price but cannot transmit the power to a willing buyer. Congestion increases the electricity prices for some customers. Definitions There is no universally accepted definition of the transmission congestion. Congestion is not an event, so it is frequently not possible to pinpoint its place and time (in this respect it is similar to traffic congestion). Regulators define congestion as a condition that prevents market transactions from being completed, while a transmission system operator sees it as inability to maintain the security of the power system ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Electricity Market
An electricity market is a system that enables the exchange of electrical energy, through an electrical grid. Historically, electricity has been primarily sold by companies that operate electric generators, and purchased by consumers or electricity retailers. The electric power industry began in the late 19th century in the United States and United Kingdom. Throughout the 20th century, and up to the present, there have been deep changes in the economic management of electricity. Changes have occurred across different regions and countries, for many reasons, ranging from technological advances (on supply and demand sides) to politics and ideology. Around the turn of the 21st century, several countries restructured their electric power industries, replacing the vertically integrated and tightly regulated "traditional" electricity market with market mechanisms for electricity generation, transmission, distribution, and retailing. The traditional and competitive market approaches ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Power
In economics, market power refers to the ability of a theory of the firm, firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. The size of the gap, which encapsulates the firm's level of market dominance, is determined by the residual demand curve's form. A steeper reverse demand indicates higher earnings and more dominance in the market. Such propensities contradict Perfect competition, perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audited Cost
A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives. A cost audit comprises the following; * Verification of the cost accounting records such as the accuracy of the cost accounts, cost reports, cost statements, cost data and costing technique * Examination of these records to ensure that they adhere to the cost accounting principles, plans, procedures and objective * To report to the government on optimum utilisation of national resources Objectives of cost audit * Prospective objective: Under which cost audit aims to identify the undue wastage or losses and ensure that costing system determines the correct and realistic cost of production. * Constructive objectives: Cost audit provides useful information to the management regarding regulating production, e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capacity Market
An electricity market is a system that enables the exchange of electrical energy, through an electrical grid. Historically, electricity has been primarily sold by companies that operate electric generators, and purchased by consumers or electricity retailers. The electric power industry began in the late 19th century in the United States and United Kingdom. Throughout the 20th century, and up to the present, there have been deep changes in the economic management of electricity. Changes have occurred across different regions and countries, for many reasons, ranging from technological advances (on supply and demand sides) to politics and ideology. Around the turn of the 21st century, several countries restructured their electric power industries, replacing the vertically integrated and tightly regulated "traditional" electricity market with market mechanisms for electricity generation, transmission, distribution, and retailing. The traditional and competitive market approach ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inertial Response
Inertial response is a property of large synchronous generators, which contain large synchronous rotating masses, and which acts to overcome any immediate imbalance between power supply and demand for electric power systems, typically the electrical grid. Due to the ever existing power imbalance between mechanical power supply and electric power demand the rotational frequency of the rotating masses in all synchronous generators in the grid either speed up and thus absorb the extra power in case of an excess power supply, or slow down and provide additional power in case of an excess power demand. This response in case of a synchronous generator is built-in into the design and happens without any external intervention or coordination, providing the automatic generation control and the grid operator with valuable time (few seconds) to rebalance the system The grid frequency is the combined result of the detailed motions of all individual synchronous rotors in the grid, which are m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voltage Control And Reactive Power Management
Voltage control and reactive power management are two facets of an ancillary service that enables reliability of the transmission networks and facilitates the electricity market on these networks. Both aspects of this activity are intertwined (voltage change in an alternating current (AC) network is effected through production or absorption of reactive power), so within this article the term ''voltage control'' will be primarily used to designate this essentially single activity, as suggested by Kirby & Hirst (1997). Voltage control does not include reactive power injections to dampen the grid oscillations; these are a part of a separate ancillary service, so-called system stability service. The transmission of reactive power is limited by its nature, so the voltage control is provided through pieces of equipment distributed throughout the power grid, unlike the frequency control that is based on maintaining the overall active power balance in the system. Need for voltage con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frequency Control Market
An electricity market is a system that enables the exchange of electrical energy, through an electrical grid. Historically, electricity has been primarily sold by companies that operate electric generators, and purchased by consumers or electricity retailers. The electric power industry began in the late 19th century in the United States and United Kingdom. Throughout the 20th century, and up to the present, there have been deep changes in the economic management of electricity. Changes have occurred across different regions and countries, for many reasons, ranging from technological advances (on supply and demand sides) to politics and ideology. Around the turn of the 21st century, several countries restructured their electric power industries, replacing the vertically integrated and tightly regulated "traditional" electricity market with market mechanisms for electricity generation, transmission, distribution, and retailing. The traditional and competitive market approaches ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
