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This document appears at how traders have spoke back to the necessity to internalise funding hazard in strength new release and the way those responses have affected the corporation of the facility area and know-how offerings. This research appears at a number of cas
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Additional resources for Power Generation Investment in Electricity Markets (Energy Market Reform)
Sample text
Yet, even as markets have tightened, particularly in Nord Pool, larger consumers continue to rely mainly on one to three-year contracts rather than contracts of longer term27. e. some form of consumer co-operative) or a contract with an electricity retailer with a large and relatively stable base of consumers. And, in fact, there are good examples of long-term contracts to finance new power generation investment. The planned development of a new nuclear plant in Finland by the firm TVO is an example of a large consumer co-operative financing a new 27.
3 HEDGING RISK IN POWER GENERATION INVESTMENT 52 an effective way of gaining economic efficiency by increasing the efficiencies of the firms. However, there is also a danger that mergers could work against this objective if excessive market power were to lessen competition in the electricity and gas markets. Vertical reintegration or horizontal concentration can create market power that can be abused to reduce competition. Convergence mergers of gas suppliers with electric utilities can raise competitive concerns if it results in market power over the supply of fuel to a supplier.
The creation or development of electricity and natural gas markets has led to a system where, in the absence of hedging possibilities, the risks of price development can no longer be managed, but must be assessed by probabilistic approaches. The low numbers of hours of operation of peaking plants have led some to question whether markets can bring forward adequate peaking capacity. Low capital and high flexibility in operation are particularly important attributes in an attempt to value peaking capacity.