Bunn - Böcker

Electricity markets are structurally different to othercommodities, and the real-time dynamic balancing of the electricitynetwork involves many external factors. Because of this, it is nota simple matter to transfer conventional models of financial timeseries analysis to wholesale electricity prices. The rationale for this compilation of chapters from internationalauthors is, therefore, to provide econometric analysis of wholesalepower markets around the world, to give greater understanding oftheir particular characteristics, and to assess the applicabilityof various methods of price modelling. Researchers and professionals in this sector will find the book aninvaluable guide to the most important state-of-the-art modellingtechniques which are converging to define the special approachesnecessary for unravelling and forecasting the behaviour ofelectricity prices. It is a high-quality synthesis of the work offinancial engineering, industrial economics and power systemsanalysis, as they relate to the behaviour of competitiveelectricity markets.

Energy is a sector where there has always been a serious modelling tradition, but with the worldwide trend away from planned economies to new market structures, the risk, uncertainties and competitive aspects which need to be incorporated pose new challenges to analyse strategic as well as economic behaviour. Systems Modelling for Energy Policy addresses the strong and apparently countervailing themes dominating energy policy in the current decade: concerns about global warming have stimulated an intense and methodologically diverse level of analytical activity aimed ultimately at greater international co-ordination in policy and planningsimultaneously we are witnessing a worldwide trend away from planned national energy policies to new market structuresTo accommodate these shifts in focus, more comprehensive analytical procedures are needed to address technical challenges in handling large models whilst smaller, policy-specific behavioural models may give greater insight to the strategic challenges involved in maintaining focus on key industry restructuring issues for which past data is not available. This volume provides a comprehensive and up-to-date reference to the range of issues and modelling alternatives that a systems perspective gives to the analysis of energy policy. Practitioners, analysts and researchers will find new studies and comparative modelling insights in this book which are not easily accessed elsewhere.