This textbook explains the main economic mechanisms behind energy markets and assesses how governments can implement policies to improve how these markets function. Adopting a micro-economic perspective, the book systematically analyses the various types of market failures on the electricity and gas markets as well as coal, oil, hydrogen and heat markets to identify government policies that can improve welfare. These shortcomings include the natural monopoly and the public-good character of energy infrastructures; market power resulting from inflexibility of supply and demand; international trade restrictions; negative externalities concerning the use of fossil energy; positive externalities concerning innovative new energy technologies; information asymmetries with regard to the product characteristics of energy commodities; and other public concerns, such as energy poverty. In turn, readers will learn about various measures that governments can use to address these market failures, including incentive regulation for electricity grids; international integration of wholesale energy markets; environmental regulatory measures like emissions trading schemes; subsidy schemes for new technologies; green-energy certificate schemes; and energy taxes. Given its scope, the book will appeal to upper-undergraduate and graduate students from various disciplines who want to learn more about the economics and regulation of energy systems and markets.

Understand the electricity market, its policies and how they drive prices, emissions, and security, with this comprehensive cross-disciplinary book. Author Chris Harris includes technical and quantitative arguments so you can confidently construct pricing models based on the various fluctuations that occur. Whether you?re a trader or an analyst, this book will enable you to make informed decisions about this volatile industry.

The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.

With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.

Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. - Delineates key components shaping the design and implementation of local electricity market structure - Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion - Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors - Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities - Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation

This comprehensive volume of the Elgar Encyclopedia of Environmental Law provides an overview of the major elements of energy law from a global perspective. Based on an in-depth analysis of the energy chain, it offers insight into the impacts of climate change and environmental issues on energy law and the energy sector. This timely reference work highlights the need for modern energy law to consider environmental impacts and promote the use of clean energy sources, whilst also safeguarding a reliable and affordable energy supply.