Download tag: Transmission rights

Valuation of Interconenctor Transmission Rights – Do Auction Prices Reflect Option Values?

Ms Celine McInerney, University College Cork In electricity markets, interconnectors can be viewed as spread options on the spot prices of electricity between connected markets. Despite persistent price differentials between the Irish and British electricity markets, explicit transmission capacity auctions are undersubscribed and transmission rights acquired in auctions are not fully utilised. The aim of the work is to understand what specific factors are reducing market efficiency for transmission rights between Ireland and Britain. The valuation of transmission rights is significant for a number of reasons: (1) Efficient pricing of interconnector transmission capacity is critical for effective market coupling to achieve a single market for electricity. (2) Valuation of transmission rights is an important signal for new investment in interconnectors (3) adequate investment in interconnector transmission capacity is required to prevent wind curtailment. The valuation of transmission rights between the UK and European electricity markets assumes increased importance as the UK will become a net energy importer in coming years and as the level of intermittent renewable generation increases. The valuation of interconnector transmission rights raises both theoretical and policy Read more…

Categories: Academic Papers, Electricity and nuclear, Finance and investment

Tags: conference 2012, Electricity, European Energy in a Challenging World, interconnector, options, Transmission rights, valuation

Valuing-interconnector-transmission-rights-–-do-auction-prices-reflect-option-values.pdf 891.02 KBValuation-of-Interconnector-transmission-rights-2012-pap.pdf 200.22 KB

20th
Sep
2012

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Valuation of Interconenctor Transmission Rights – Do Auction Prices Reflect Option Values?

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