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Steven Stoft's book provides a comprehensive up-to-date economic framework for understanding the critical issues associated with designing wholesale power markets. It integrates sound economic theory with relevant technical attributes of electric power networks. Stoft's book is a must read for economists, regulators, engineers and others involved with designing and evaluating the performance of competitive wholesale electricity markets.
—Paul L. Joskow
Dept. of Economics and Sloan School, MIT
Director, Center for Energy and Environmental Policy.
(496 pages, Amazon ) ( Outside the US)
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Power System Economics: The Missing Chapters
Power System Economics, as originally conceived, included a Part 7 on transmission investment. This has now been published as Chapter 4 in Lévêque's book. Part 2, which I consider the core of Power System Economics, correctly presents the problem of adequate capacity, but suggests a rather primitive solution. Since publication there have been dramatic advances in this field. Two papers on "Forward Reliability Markets," and "The Convergence" fill this gap, and are a necessary complement the book.
Forward reliability markets: Less risk, less market power, more efficiency
with Peter Cramton, 2008/01, forthcoming in Utilities Policy.
Problems of transmission investment in a deregulated power market
Chapter 4 of Competitive Electricity Markets and Sustainability, 2006.
Edited by François Lévêque, Professor of Law and Economics, École des mines de Paris, France
The Convergence of Market Designs for Adequate Generating Capacity
with Peter Cramton, 2006/04/25, forthcoming CEEPR working paper.
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Stoft has produced the methodological text that combines basic economics with the special features of the electricity system. Everyone involved in electricity restructuring would benefit from reading this book.
—William W. Hogan
John F. Kennedy School of Government, Harvard University
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References: Almost all material referenced in the book is available in the Library To use it: (1) Visit the library. (2) Search for "References", but without the quotes. (3) Sort by Author if you like, or add an author's last name to the search.
Errata ♦ Purchase on line
Samples of the book. Chapters, table of contents, and 1st page of each chapter.
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http://stoft.com/p/15.html | 03/11/10 10:29 GMT
Modified: Sat, 08 Mar 2008 19:46:34 GMT
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