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DOI | 10.1016/j.enpol.2017.12.028 |
Retail consumers and risk in centralized energy auctions for indexed long-term contracts in Chile | |
Reus, Lorenzo1; Munoz, Francisco D.1; Moreno, Rodrigo2,3 | |
2018-03-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2018 |
卷号 | 114页码:566-577 |
文章类型 | Article |
语种 | 英语 |
国家 | Chile; England |
英文摘要 | Centralized energy auctions for long-term contracts are commonly-used mechanisms to ensure supply adequacy, to promote competition, and to protect retail customers from price spikes in Latin America. In Chile, the law mandates that all distribution companies must hold long-term contracts - which are awarded on a competitive centralized auction - to cover 100% of the projected demand from three to fifteen years into the future. These contracts can be indexed to a series of financial parameters, including fossil fuel prices at reference locations. Drawing from portfolio theory, we use a simple example to illustrate the difficulties of selecting, through the current clearing mechanism that focuses on average costs and individual characteristics of the offers, a portfolio of long-term energy contracts that could simultaneously minimize the expected future cost of energy and limit the risk exposure of retail customers. In particular, we show that if the objective of the regulator is to limit the risk to regulated consumers, it could be optimal to include contracts that would not be selected based on individual characteristics of the offers and a least-cost auction objective, but that could significantly reduce the price variance of the overall portfolio due to diversification effects between indexing parameters. |
英文关键词 | Price risk Energy auctions Portfolio optimization |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000424962800053 |
WOS关键词 | GENERATION ; MARKETS ; VOLATILITY ; ENVIRONMENT ; COMPETITION ; AMERICA ; OPTIONS ; POWER ; OIL |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18807 |
专题 | 气候变化 |
作者单位 | 1.Univ Adolfo Ibanez, Fac Ingn & Ciencias, Diagonal Las Torres 2640, Santiago, Chile; 2.Univ Chile, Dept Elect Engn, Santiago, Chile; 3.Imperial Coll London, Dept Elect & Elect Engn, London SW7 2AZ, England |
推荐引用方式 GB/T 7714 | Reus, Lorenzo,Munoz, Francisco D.,Moreno, Rodrigo. Retail consumers and risk in centralized energy auctions for indexed long-term contracts in Chile[J]. ENERGY POLICY,2018,114:566-577. |
APA | Reus, Lorenzo,Munoz, Francisco D.,&Moreno, Rodrigo.(2018).Retail consumers and risk in centralized energy auctions for indexed long-term contracts in Chile.ENERGY POLICY,114,566-577. |
MLA | Reus, Lorenzo,et al."Retail consumers and risk in centralized energy auctions for indexed long-term contracts in Chile".ENERGY POLICY 114(2018):566-577. |
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