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Electricity markets: an overview and comparative study

Electricity markets: an overview and comparative study Purpose – The electric power industry has been moving from a regulated monopoly structure to a deregulated market structure in many countries. The purpose of this study is to comprehensively review the existing markets to study advantages, issues involved and lessons learnt to benefit emerging electricity markets. Design/methodology/approach – The paper employs a comprehensive review of existing competitive electricity market models in USA (California), UK, Australia, Nordic Countries (Norway), and developing country (Chile) to analyze the similarities, differences, weaknesses, and strengths among these markets based on publically available data, literature review and information. Findings – Ongoing or forthcoming electricity sector restructuring activities in some countries can be better designed based on lessons learnt from existing markets and incorporating their own political, technical and economical contexts. A template for design of successful electricity market has also been presented. Research limitations/implications – This study is limited to a comparative analysis of five markets and can be extended in the future for other existing and emerging electricity markets. Practical implications – The discussed weaknesses and strengths of existing electricity markets in this study can be practically utilized to improve the electricity industry market structures leading to several social benefits including lower electricity cost. Originality/value – The comprehensive review and analysis of five existing markets, physically located in different continents, may be used as an assistance or reference guide to benefit the emerging electricity markets in other countries. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Energy Sector Management Emerald Publishing

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References (38)

Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1750-6220
DOI
10.1108/17506221111145977
Publisher site
See Article on Publisher Site

Abstract

Purpose – The electric power industry has been moving from a regulated monopoly structure to a deregulated market structure in many countries. The purpose of this study is to comprehensively review the existing markets to study advantages, issues involved and lessons learnt to benefit emerging electricity markets. Design/methodology/approach – The paper employs a comprehensive review of existing competitive electricity market models in USA (California), UK, Australia, Nordic Countries (Norway), and developing country (Chile) to analyze the similarities, differences, weaknesses, and strengths among these markets based on publically available data, literature review and information. Findings – Ongoing or forthcoming electricity sector restructuring activities in some countries can be better designed based on lessons learnt from existing markets and incorporating their own political, technical and economical contexts. A template for design of successful electricity market has also been presented. Research limitations/implications – This study is limited to a comparative analysis of five markets and can be extended in the future for other existing and emerging electricity markets. Practical implications – The discussed weaknesses and strengths of existing electricity markets in this study can be practically utilized to improve the electricity industry market structures leading to several social benefits including lower electricity cost. Originality/value – The comprehensive review and analysis of five existing markets, physically located in different continents, may be used as an assistance or reference guide to benefit the emerging electricity markets in other countries.

Journal

International Journal of Energy Sector ManagementEmerald Publishing

Published: Jun 28, 2011

Keywords: Electricity market; NETA; BETTA; CAISO; NEM; AEMO; CNE; SING; Nord Pool; Energy supply systems; Energy industry

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