Title :
A study of ERCOT real-time energy market price
Author :
Yu, Jun ; Wang, Sharon Xuanyuan
Author_Institution :
ERCOT, Taylor, TX
Abstract :
Deregulation of power industry gives rise to a marketplace with competition as well as uncertainty. Understanding market price volatility and its driving factors is a key for market players to be successful in managing risks and making operational decisions in any electricity market. With this purpose, this paper examines 3.5-year historical real-time energy prices (market clearing price) in ERCOT electricity wholesale market and reveals key determinants driving its fluctuation: natural gas price, system load level. Conclusions made in the paper are based on economics and power market theory as well as results from extensive quantitative analysis
Keywords :
decision making; power markets; pricing; risk management; ERCOT; electricity wholesale market; extensive quantitative analysis; market clearing price; market price volatility; natural gas price; operational decisions making; power industry deregulation; power market theory; real-time energy market price; risks management; system load level; Electricity supply industry; Electricity supply industry deregulation; Energy management; Fluctuations; Natural gas; Power industry; Power system management; Real time systems; Risk management; Uncertainty; Congestion; Correlation Coefficient; Deregulation; Electricity Market; Implied Heat Rate; Natural Gas Price; Power Risk Management; Spot Energy Price; Volatility; Wholesale Market;
Conference_Titel :
Power Engineering Society General Meeting, 2006. IEEE
Conference_Location :
Montreal, Que.
Print_ISBN :
1-4244-0493-2
DOI :
10.1109/PES.2006.1709591
