Research on Credit Risk Transmission and Simulation in the Regional Power Market
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Mechanism of credit risk transmission in the regional power market is an important issue in the current risk management of power trading market. This paper purpose a multi-order credit risk propagation model based on IIM (Inoperability Input-output Model) to analyze the propagation mechanism of multi-order credit risk in the regional power market. Meanwhile we conduct simulation analysis, supposed the discrediting behaviors of some nodes of the regional power market, which leads to the related ability loss or economic loss of other market nodes in the power market system. On account of the simulation results, we propose some protective measures of the relevant nodes in the regional power market when different enterprise nodes suffer from credit risk events.Keywords:
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This paper examines the connection between market power and the size of efficiency loss in a market for tradeable CO2 permits. Countries, not firms, are the players in the market. A situation is analyzed where some of the, participants have market power, i.e., they can influence the price of a CO2 quota. Each country with market power decides how many quotas to buy or sell, given the other market power countries' sales or purchases of quotas, and the behavior of countries without market power. The latter countries act as price takers. The market equilibrium is compared to a cost effective market situation in order to quantify the efficiency loss resulting from market power.
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The market power is a research subject attracting increasing attention in power market reform. The genera-
tion suppliers make use of market power to lift electricity price for extra profit, which not only hurts the benefits of the
consumers, but also causes the resource unreasonably distributed and the the effective competition can not be created for
the market. This is against the initial intention of the power reform thus the measurement and regulation of the market
must be conducted. The methods of the market power measurement were summarized as well as their applications.
The frequently-used methods for restraining the market power abroad were also introduced.
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A market power analysis is a principal focus of most antitrust analyses. The current treatment of market power, however, is inconsistent with a view that market power is a marketable asset. In the absence of transaction costs, market power would only exist when there are off-setting consumer-benefitting effects. This Article discusses an approach to market power that is designed to allocate it efficiently.
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Major features of power market are analyzed,and Cournot-model is used to describe the behavior effectiveness induced by market features.The motive of profit-maximizing results in collusion,which is one of the tactic actions in power market is introduced.The classified regulation countermeasures are described after a brief conclusion upon market pricing constitution.
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Power market is booming in China right after the 9th order. Conventionally, transmission planning is performed mainly based on purpose of transmission security in a regulated environment. However, when power market takes place, economic planning of transmission system should be carefully designed and considered, since transmission infrastructure could heavily impact the efficiency of the power market, as well as the benefit of all kinds of market participants. Transmission economic planning had been developed in almost all mature power markets overseas. In the paper, such practices in several RTOs/ISOs in United States and TSOs in Europe are investigated. The implementation process, evaluate method and key economic benefit indices of transmission economic planning are summarized in the paper. In the end, based on the current transmission planning and the development of power market in China, the suggestions how transmission economic planning should be performed is given.
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Using data from the US Department of Transportation (1979-1992), we calculate the marginal cost of air travel. We then use this estimate of marginal cost to directly calculate the degree of market power in the ailrine industry. We show that the degree of market power varies with market structure.
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The integration of the power markets in Norway and Sweden in 1996 significantly constrained the major power companies’ ability to exercise market power within their national borders. In recent years, however, mergers and reciprocal acquisition of shares have reduced the number of independent players on the Norwegian-Swedish power market. The aim of this paper is to explore to what extent increasing cross-ownership among the major power companies in Norway and Sweden might re-establish the market power that was lost when the two national power markets were integrated. The analysis is based on a numerical model, assuming Cournot quantity setting behavior, of the Norwegian-Swedish power market. The simulation results suggest that partial ownership relations between generators tend to increase horizontal market power and thus the market price of electricity.
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Regulatory reform in the Nordic electricity-supply markets has resulted in a single integrated Nordic electricity market. This paper performs an econometric study of market power in the spot market of Nord Pool, the joint Nordic power exchange. I use a dynamic extension of the Bresnahan-Lau model, and weekly data for the period from 1996 through April 1999. To my knowledge, this is the first study of power markets that is not able to reject the hypothesis of perfect competition. The most likely reason for this absence of market power is the low ownership concentration in generation in the integrated Nordic electricity market. JEL classification: L13, L51, L94, C32, C51, D41, D43
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Regulatory reform in the Nordic electricity-supply markets has resulted in a single integrated Nordic electricity market. This paper performs an econometric study of market power in the spot market of Nord Pool, the joint Nordic power exchange. I use a dynamic extension of the Bresnahan-Lau model, and weekly data for the period from 1996 through April 1999. To my knowledge, this is the first study of power markets that is not able to reject the hypothesis of perfect competition. The most likely reason for this absence of market power is the low ownership concentration in generation in the integrated Nordic electricity market.
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