On ex post pricing in the real-time electricity market

2011 ◽  
Author(s):  
Tongxin Zheng ◽  
Eugene Litvinov
Keyword(s):  
Real Time ◽  
Electricity Market ◽  
The Real ◽  
Ex Post

On Ex Post Pricing in the Real-Time Electricity Market

2011 ◽  
Vol 26 (1) ◽  
pp. 153-164 ◽  
Author(s):  
Tongxin Zheng ◽  
Eugene Litvinov
Keyword(s):  
Real Time ◽  
Electricity Market ◽  
The Real ◽  
Ex Post

A revenue-equivalence theorem for electricity auctions

2004 ◽  
Vol 41 (02) ◽  
pp. 299-312 ◽  
Author(s):  
Juri Hinz
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Real World ◽  
Electricity Market ◽  
Equivalence Theorem ◽  
Revenue Equivalence ◽  
The Real ◽  
Electricity Auctions ◽  
Key Features ◽  
Total Payment

The purpose of this paper is to analyse the real-time trading of electricity. We address a model for an auction-like trading which captures key features of real-world electricity markets. Our main result establishes that, under certain conditions, the expected total payment for electricity is independent of the particular auction type. This result is analogous to the revenue-equivalence theorem known for classical auctions and could contribute to an improved understanding of different electricity market designs and their comparison.

scholarly journals Insights and experiences from assessing the added value of PROSNOW, a prediction system to support snow management in Alpine ski resorts

2021 ◽  
Author(s):  
Judith Köberl ◽  
Hugues François ◽  
Carlo Carmagnola ◽  
Pirmin Ebner ◽  
Daniel Günther ◽  
...  
Keyword(s):  
Real Time ◽  
Winter Season ◽  
Added Value ◽  
Significant Saving ◽  
The Real ◽  
Ski Resort ◽  
Ski Resorts ◽  
Ex Post ◽  
Simulation Based ◽  
Ex Ante

<p>Within the H2020 project PROSNOW (www.prosnow.org), a demonstrator of a forecasting system that aims at increasing the anticipatory power of ski resorts in the field of snow management has been developed and tested. The PROSNOW® demonstrator, which includes a web-based user interface, represents a meteorological prediction and snow management system with the aim to provide improved anticipation capabilities at various time-scales, spanning from a few days to the seasonal scale of several months. The system holds significant potential to increase the resilience of socio-economic stakeholders and support their real-time adaptation. However, it is expected to take some time until users will gain confidence with the service, completely realize its power and its limitations, and learn to use it in the most effective way to exploit its potential. Although the final actual added value of the PROSNOW® prediction and snowmaking system can thus only be assessed several years after its initial implementation, some ex-ante and preliminary ex-post valuations have already been carried out following the real-time testing of the demonstrator in nine Alpine pilot ski resorts in the winter season 2019/20.</p><p>We applied two different approaches to assess the added value of PROSNOW®: (i) a simulation-based approach and (ii) a survey-based approach. The simulation-based approach consisted of the ex-ante valuation of PROSNOW®’s cost saving potential in the field of snowmaking, using meteorological hindcast data and simulations from snowpack models. The approach is based on decision theory and aims at estimating the cost savings achievable by using the PROSNOW® system to support a ski resort’s daily and strategic snowmaking decisions, compared to the information sources and strategies used so far. In the survey-based approach, which included both ex-ante and ex-post elements, pilot ski resorts were asked to (e)valuate the PROSNOW® demonstrator, based on their experiences from the real-time testing in the winter season 2019/20. The survey included questions about the perceived forecasting accuracy, observed positive impacts, the experienced as well as expected usefulness of the PROSNOW® demonstrator for different areas of application within the ski resort, and the ski resort’s willingness to pay (WTP). For the latter, both direct and indirect stated preference methods (e.g. limit conjoint analysis) were applied.</p><p>Both, simulations and survey results revealed that increases in the ability to anticipate weather and snow conditions bear significant saving potentials for some ski resorts. Areas of application for which PROSNOW® is considered particularly useful include snowmaking decisions for the upcoming hours and days, the optimization of water and energy use and avoidance of snow overproduction. Even though some pilot ski resorts experienced problems with the demonstrator, the majority indicated to be willing to pay a non-zero price for the service, ranging from 2,500€ to 12,700€ per season.</p>

A revenue-equivalence theorem for electricity auctions

2004 ◽  
Vol 41 (2) ◽  
pp. 299-312 ◽  
Author(s):  
Juri Hinz
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Real World ◽  
Electricity Market ◽  
Equivalence Theorem ◽  
Revenue Equivalence ◽  
The Real ◽  
Electricity Auctions ◽  
Key Features ◽  
Total Payment

The purpose of this paper is to analyse the real-time trading of electricity. We address a model for an auction-like trading which captures key features of real-world electricity markets. Our main result establishes that, under certain conditions, the expected total payment for electricity is independent of the particular auction type. This result is analogous to the revenue-equivalence theorem known for classical auctions and could contribute to an improved understanding of different electricity market designs and their comparison.

scholarly journals Stochastic Interchange Scheduling in the Real-Time Electricity Market

2017 ◽  
Vol 32 (3) ◽  
pp. 2017-2027 ◽  
Author(s):  
Yuting Ji ◽  
Tongxin Zheng ◽  
Lang Tong
Keyword(s):  
Real Time ◽  
Electricity Market ◽  
The Real

The Real-Time Neural Genesis of a Punchline

2014 ◽  
Author(s):  
Irving Biederman ◽  
Ori Amir
Keyword(s):  
Real Time ◽  
The Real

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

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