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Colombia Firm Energy Market
Big Island, Hawaii January 03-January 06
DOI Bookmark: http://doi.ieeecomputersociety.org/10.1109/HICSS.2007.13340th Annual Hawaii International Conf ...
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Peter Cramton, Steven Stoft, "Colombia Firm Energy Market," Hawaii International Conference on System Sciences, pp. 124a, 40th Annual Hawaii International Conference on System Sciences (HICSS'07), 2007.
 
 
BibTex
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@article{ 10.1109/HICSS.2007.133,
author = {Peter Cramton and Steven Stoft},
title = {Colombia Firm Energy Market},
journal ={Hawaii International Conference on System Sciences},
volume = {0},
year = {2007},
issn = {1530-1605},
pages = {124a},
doi = {http://doi.ieeecomputersociety.org/10.1109/HICSS.2007.133},
publisher = {IEEE Computer Society},
address = {Los Alamitos, CA, USA},
}
 
 
RefWorks Procite/RefMan/Endnote
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TY - CONF
JO - Hawaii International Conference on System Sciences
TI - Colombia Firm Energy Market
SN - 1530-1605
SP
EP
A1 - Peter Cramton,
A1 - Steven Stoft,
PY - 2007
KW - null
VL - 0
JA - Hawaii International Conference on System Sciences
ER -
 
Peter Cramton, University of Maryland and Independent Consultant
Steven Stoft, University of Maryland and Independent Consultant
A firm energy market for Colombia is presented. Firm energy-the ability to provide energy in a dry period-is the product needed for reliability in Colombia?s hydro-dominated electricity market. The firm energy market coordinates investment in new resources to assure that sufficient firm energy is available in dry periods. Load procures in an annual auction enough firm energy to cover its needs. The firm energy product includes both a financial call option and the physical capability to supply firm energy. The call option protects load from high spot prices and improves the performance of the spot market during scarcity. The market provides strong performance incentives through the spot energy price. Market power is addressed directly: existing resources cannot impact the firm energy price.
Citation:
Peter Cramton, Steven Stoft, "Colombia Firm Energy Market," hicss, pp.124a, 40th Annual Hawaii International Conference on System Sciences (HICSS'07), 2007
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