Electricity Markets
Overview
The Central Electricity Generating Board
Privatisation
The Pool
Generator Offers into Pool
System Marginal Price (SMP)
Pool Prices
Ex-Post Prices
Typical Pool Prices (Nov ’99)
Hedging Your Bets
Contracts for Differences
Effect of Hedging
Deregulation
The Move to NETA/BETTA
Buying and Selling under NETA
Physical Contracts
Ex-Ante Prices
NETA/BETTA Wholesale Market
System Buy and Sell Prices
Balancing Market
Bids and Offers
Balancing Market – Imbalance Prices
Example Imbalance Prices
Comparison With Power Exchange Prices
Online Prices
Imbalance Market
Ancillary Services
Other Countries – Nord Pool
Day Ahead Spot Market
Australia (National Electricity Market)
Pennsylvania-New Jersey-Maryland, USA (PJM)
Summary