⚡ Understanding the electricity exchange: The SPOT market
#electricity_market #energy_crisis #electricity
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0:00 - The call program or "merit order"
1:33 - An example
3:01 - Renewables
4:01 - Variable costs only!
7:10 - The flow of water
7:44 - Nuclear power: dispatchable?
11:24 - Dams
12:52 - Thermal Power Plants
18:25 - Building the "call program" with order lists
26:22 - How is the price set?
31:06 - Why a single price?
34:40 - Quantity traded on the SPOT market
37:38 - Price = cost of thermal power plants
41:54 - Transition: social optimum
Sources and errata:
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In addition to the sources listed below, this episode draws on several discussions/interviews conducted with various experts.
I highly recommend reading this article by Anne Debrégeas. It is probably the primary source for this video series. You will also find the link to its analysis of EDF's production costs:
https://theothereconomy.com/fr/fiches...
For all the data:
https://www.rte-france.com/en/eco2mix
https://www.epexspot.com/en/market-data
https://bilan-electrique-2021.rte-fra...
https://www.cre.fr/Documents
https://www.cre.fr/en/Documents/Publi...
Book:
https://www.odilejacob.fr/catalogue/s...
Reports :
On the operation of the SPOT (Euphemia) market algorithm: https://www.nordpoolgroup.com/globala...
On the capacity market:
On electricity production costs: https://www.ccomptes.fr/sites/default...
On renewable energy subsidies: https://www.ccomptes.fr/sites/default...
On AOLTs: https://www.services-rte.com/files/li...
The Landivisiau power plant: http://www.landivisiau-lacentrale.com...
Episode's central question:
****************************************************** Is electricity expensive? Why? Because there are electricity traders? Partly, but not entirely. The electricity market is considered the most complex in the world (yes, really...). Let me explain how it works ;)
In this episode, we focus on the SPOT (day-1) market and how it operates. How does it tell power plants what they should produce? How does it set the reference price for electricity?
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