Risk and Flexibility in Electricity

Risk and Flexibility in Electricity

By Anne Ku
Risk Books November 2003

Specifications

ISBN-13
9781904339113
Publisher
Risk Books
Publication
November 2003
Format
Paperback
Jurisdiction
International ? Countri(es) for reference only

Details

Examining the flexibility and resultant opportunities brought about by deregulation in the electricity industry, this multi-contributor book will help you in all aspects of decision making within the sector from fuel sources to generation, transmission, distribution, and supply

  • Illustrates the many options and tools available to assist you with the decision-making process at each stage of the supply chain whilst alerting you to the various new risks formed by increased market uncertainty
  • Provides you with all the necessary tools to easily apply the featured methodologies in your own work
  • The title’s emphasis on the application of theory to practical situations makes it highly relevant to both practitioners, who apply the theory to practice, and academics who study the effectiveness of the applications
  • Features comprehensive and accessible coverage of: fuel trading, renewables and intermittent energy sources, forecasting and other analytical tools, transmission, retail power contracts, exotic options and flexibility, and regulation and deregulation risks


Table of Contents

Uncertainty, Risk and Flexibility: Introduction and Overview

Anne Ku

Physical processes redefined by risk and flexibility

Decision makers redefined

Contracts

Impact of deregulation

1. Fuel: Trading and Procurement

Pushkar Wagle

Cross-commodity trading

Oil

Natural gas

Coal

Nuclear

2. Renewables and intermittent Generation

Andrew Miller

Hydro

Renewables

3. Analysing Risk and Return in the Physical Energy Portfolio: A Non-Technical Overview

Jim Christian

Overview

Asset valuation (real options)

Asset optimisation

Portfolio optimisation

4. What’s Driving the Demand for Forecasting?

Fereidoon P. Sioshansi

Prices: forecasting vs forward curves

Supply forecasting

Demand forecasting

Simulation, scenario analysis

5. Transmission, Transmission Services and Non-Energy Markets

Andrew Miller

Transmission pricing

Basis hedge

Delivery risk

6. Fundamentals of Retail Transactions

Lance Hinrichs

Deal structuring

Risks

Decision making

7. Exotic Options

Alexander Eydeland and Krzysztof Wolyniec

Options defined

Determinants or attributes of exoticity

8. Simulation for Organisational Learning in Competitive Electricity Markets

Isaac Dyner , Erik Larsen, Alessandro Lomi

System dynamics as a modelling tool

Timing risk

About the Author

Anne Ku

Anne Ku works as a writer, covering energy topics as an independent critic. Previously, she has been the editor of Platt’s Global Energy Business and Energy IT (bi-monthly magazines covering the areas of energy trading, risk management and technology) and has worked for the Union Bank of Switzerland and several management consulting firms in London and Singapore. Anne wrote her doctoral thesis on modelling uncertainty in the electricity industry and tested her hypothesis of ’flexibility as a means to cope with uncertainty’ by working for Enron in Houston and London in electricity and natural gas research and modelling. Anne holds a PhD in decision sciences from London Business School (1995), a Bachelor’s degree in electrical engineering from Duke University and a Master’s in operational research from London School of Economics.

Reviews

“A must-read for decision makers involved in any link in the electricity value chain.“

Chris Papousek, Managing Director, The New York Mercantile Exchange, Inc.

“A must read for all involved in the electricity markets. This book will be useful for both novices and professionals who want a deeper understanding of the pricing techniques involved in minimising risk in the electricity markets.“

Ron Levi, Managing Director, GFI Group

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