Essays in electricity market design and semi-structural price modelling

Katona, Krisztina

Essays in electricity market design and semi-structural price modelling

Katona, Krisztina

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Publication Type:: Thesis
Issue Date:: 2024

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Field	Value	Language
dc.contributor.author	Katona, Krisztina
dc.date.accessioned	2024-06-18T00:08:02Z
dc.date.available	2024-06-18T00:08:02Z
dc.date.issued	2024
dc.identifier.uri	http://hdl.handle.net/10453/179539
dc.description	University of Technology Sydney. Faculty of Business.	en_US.UTF-8
dc.description.abstract	Electricity market designs are complex, diverse and constantly evolving frameworks of policies with multidisciplinary theoretical work underpinning them. The fast-transforming landscape of the electricity sector, driven by the global commitment to meet emission goals, calls for a constant re-evaluation of market designs. In turn, the economic equilibrium models aiding market oversight should also be adapted to the reality of power markets. The current thesis contributes to this discussion. First, it delineates the most fundamental concepts in power system economics and introduces bid stack-based pricing. It then surveys the current market design of the National Electricity Market (NEM) of Australia with a particular focus on price formation. A novel hyperbolic bid stack model is next presented, which allows for negative prices, renewable fuels, non-constant fuel availability, network constraints and storage uptake to better reflect the NEM market design than existing models in the literature. Finally, welfare and the properties of the supply curve central to bid stack-type modelling are discussed in a comparative setting for the NEM and two other markets internationally.	en_US.UTF-8
dc.format	Thesis (PhD)
dc.language.iso	en_US	en_US.UTF-8
dc.relation	https://opus.lib.uts.edu.au/bitstream/10453/179539/1/thesis.pdf
dc.rights	info:eu-repo/semantics/openAccess
dc.rights	The author owns the copyright in this thesis including all reproduction and reuse rights for the work. The work may not be altered without the permission of the copyright owner. Attribution is essential when quoting or paraphrasing from this thesis.
dc.rights	© 2024 Krisztina Katona
dc.rights	au.edu.uts.lib/cph
dc.title	Essays in electricity market design and semi-structural price modelling	en_US.UTF-8
dc.type	Thesis
utslib.copyright.status	open_access	*

Abstract:

Electricity market designs are complex, diverse and constantly evolving frameworks of policies with multidisciplinary theoretical work underpinning them. The fast-transforming landscape of the electricity sector, driven by the global commitment to meet emission goals, calls for a constant re-evaluation of market designs. In turn, the economic equilibrium models aiding market oversight should also be adapted to the reality of power markets. The current thesis contributes to this discussion. First, it delineates the most fundamental concepts in power system economics and introduces bid stack-based pricing. It then surveys the current market design of the National Electricity Market (NEM) of Australia with a particular focus on price formation. A novel hyperbolic bid stack model is next presented, which allows for negative prices, renewable fuels, non-constant fuel availability, network constraints and storage uptake to better reflect the NEM market design than existing models in the literature. Finally, welfare and the properties of the supply curve central to bid stack-type modelling are discussed in a comparative setting for the NEM and two other markets internationally.

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http://hdl.handle.net/10453/179539