Energy has moved to the forefront in terms of societal and economic development. Modern Energy Markets is a comprehensive, economically oriented, exploration of modern electricity networks from production and distribution to deregulation and liberalization processes. Updating previous work by the authors, different aspects are considered resulting in a complete and detailed picture of the systems and characteristics of modern electricity markets. Modern Energy Markets provides clear detail whilst encompassing a broad scope of topics and includes:•A method to model energy production systems including the main characteristics of future demand side management,•Different applications of this model in nuclear and renewable energy scenarios,•An analysis of Real-Time Pricing of electricity and its potential effects across the market, and,•A discussion of the need for regulation in an easily monopolized industry.Engineering and Economics students alike will find that Modern Energy Markets is a succinct and informative resource, as will researchers interested in environmental and energy issues. The inclusion of timely and relevant issues related to economic decision will also be of value to industry and civil officials.

Analyses efficiencies related to electricity markets Looks at the effects of real-time pricing and feed-in tariffs Shows the effects of strategic hydropower producer behaviour Includes supplementary material: sn.pub/extras

Autorentext

Ph.D. (Econ.) Maria Kopsakangas-Savolainen is senior researcher at the Finnish Environment Institute. She is also senior researcher at the Department of Economics, Martti Ahtisaari Institute of Global Business and Economics and Thule Institute all at the University of Oulu. Her research interests relate to sustainable energy and environmental economics. She has studied cost efficiency of electricity markets, welfare effects of regulation, Real-Time pricing, efficient use of renewable energy and promotion of market access for renewable energy. She is currently studying also energy efficiency questions related to consumer behavior. She has done both theoretical and empirical studies. The applied methodologies have been based on econometrics and simulation techniques. Ph.D. (Econ.) Rauli Svento is professor of economics at the Department of Economics and senior researcher at the Martti Ahtisaari Institute of Global Business and Economics at the University of Oulu. He is currently Head of Department and he has served as dean of the Oulu Business School and Vice President of the University of Oulu. His research interests relate to environmental and natural resource economics and energy economics. He has studied valuation questions using contingent valuation techniques and choice experiment techniques. He has studied cost efficiency of electricity markets, welfare effects of regulation of utilities and sustainable management of energy markets.

Inhalt
Restructuring of Electricity Markets.- Modeling the Energy Production System.- The Effects of Real-Time Pricing on Electricity Market Functioning.- Strategic Behavior of Hydropower Producers.- Promotion of Market Access of Renewables.- Efficiency of Electricity Distribution.- Regulating Electricity Distribution Utilities.- The Future of Electricity Markets.- Discussion.