Der Markt für Sekundärregelenergie – Eine Bewertung des Regelenergieeinsatzes im Rahmen des Netzregelverbundes

In Germany there are four control areas that are operated by four independent system operators. Up to November 2008 there occurred antipodal use of secondary balancing power. Because this is inefficient, the market for secondary balancing power had been harmonized step by step. Since May 1st, 2010, harmonization is complete and no antipodal use occurs, so secondary balancing power should be used in an efficient way. This paper starts with an analysis of the auction data from May 1st, 2010 to December 31st, 2010. Total costs are computed as well. In the next step, total costs are computed. Subsequently, a comparison with the data before the harmonization process is made. On the one hand, major efficiency gains have been achieved. On the other hand, bids have strongly increased, which may be due to a different market environment, but also due to strategic bid submission.     

Avoiding the Pitfalls of Net Uniformity: Zero Rating and Nondiscrimination

The current debate over network neutrality has not fully appreciated how service differentiation can benefit consumers and promote Internet adoption. On the demand-side, service differentiation addresses the primary obstacle to adoption, which is the lack of perceived need for Internet service, and reflects the growing heterogeneity of consumer demand. On the supply-side, monopolistic competition has long underscored how product differentiation can create stable equilibria with multiple providers—notwithstanding the presence of unexhausted economies of scale—by allowing competitors to target subsegments of the overall market that place a higher value on particular services. Conversely, prohibiting service differentiation would restrict competition to price and network size, which are factors that favor the largest players. These dynamics are well illustrated by global enforcement patterns with respect to a practice known as “zero rating”, which permits subscribers to access certain content without having that traffic count against their data caps. Of the six countries that have brought enforcement actions against zero rating, only India has categorically banned the practice. The other five countries (the United States, Chile, Canada, Slovenia, and The Netherlands) have adopted a more nuanced approach. A case-by-case approach is consistent with the empirical literature on vertical integration and restraints and the well-established principles for determining when to impose per se illegality and when to apply the “rule of reason”. The U.S. Supreme Court’s antitrust jurisprudence also helps identify factors that militate against liability, such as the lack of market power, nonexclusivity, and nonproprietary services.     

Versorgungssicherheit auf Elektrizitätsmärkten — Investitionsdilemma durch ineffizientes Marktdesign?

This article addresses the investment dilemma in the area of power generation, which in insufficiently designed, liberalized power markets leads macroeconomically to undesirably low levels of energy supply security. The prime causes for this dilemma in the German power market are rooted first in damages for suppliers which are limited in cases of generation capacity-induced power failures and second in the time delay between the final trading opportunity and the actual power delivery. The latter inhibits the ability to individually balance unexpected changes in rates of power generation and discharge at any time. Furthermore, the following factors contribute to an intensification of the dilemma: insufficient end user participation in the wholesale market, a lack of single end user cut-off options, as well as time lags in the construction of generation capacities combined with various market uncertainties. Potential approaches to a sustainable improvement of supply security include on the one hand an increase in liquidity of intraday trading to align market clearing and power delivery as closely as possible. The promotion of direct marketing for renewable energy along with other strategies will lead to such an improvement. On the other hand, end users’ utilization of smart meters should be enhanced. Thus, peak load could be moderated and allows for the inclusion of end users’ willingness to pay into the wholesale market.     

State of the German Short-Term Power Market

The paper at hand provides a comprehensive overview of the current state of the German short-term power market with focus on trading and efficiency. The pivotal question is whether current market designs are appropriate to maximise social welfare. If this can’t be confirmed, trade-offs between technical restrictions, transparency requirements, the structure of the supply side and regulators focusing mainly on consumer surplus are analysed, which prevent markets from being fully efficient. The emphasis is on Germany due to it’s central location in Europe, it’s sheer size and the rapid increase of renewable generation in recent years. This development forced the German power market into a state of transition. As a result, developments in Germany might serve as a blueprint for other European countries. The introduction of negative day-ahead prices, the implementation of a very liquid intraday trading, a quarter hourly auction and market-based systems for the procurement of Ancillary Services are just some examples of Germany’s pioneering role. On the other hand, negative effects of the rapid changes such as the excessive use of non-market based redispatch measures and system endangering imbalance price regimes shall also be explored. As a matter of course, cross-references to other European countries and harmonisation projects are included as the German market is well interconnected with neighbouring markets.     

电力市场中发电商市场力的博弈分析

电力市场中市场力的存在不利于电力市场的健康发展,本文从市场力的定义出发,对影响市场力的因素进行了分析,并介绍了博弈论在竞价上网决策和降低市场力方面的应用.     

Market Definition?

The 2010 horizontal merger guidelines issued by the antitrust agencies de-emphasize market definition, which has been a foundation of merger law for decades and was required by previous guidelines. The justification for this change is that unilateral adverse price effects caused by mergers of firms that produce differentiated products are best assessed using analyses that do not depend on market definition. Though the guidelines unquestionably serve a value in illuminating actual agency practice, any marginal benefit in dropping the exercise of market determination from the merger review process is likely to be small, and the marginal cost may be substantial.     

The Impact of PV on the German Power Market

During the last months, the discussion on feed-in tariffs (FiT) for photovoltaic (PV) installations in Germany has gained new momentum. On the one hand, the issue of over-subsidisation due to the fact that module prices have been decreasing faster than feed-in tariffs was discussed. On the other hand, increasing costs to the consumers of power were put on the agenda after the unprecedented increase in new PV capacity in Germany in 2009. After the general election in September 2009 this discussion lead to different proposals for adjusting the FiT scheme. In summer 2010 a bill was passed amending the current FiT. Both, in the discussion and in the bill, an important aspect has been neglected so far: the impact of the massively increasing PV capacities on the economics of conventional power plants. The present study fills this gap. In the first part, it is qualitatively shown how the power price and the equilibrium quantity on the power exchange change with increasing PV capacities. These findings can be directly translated into shrinking revenues for operators of conventional power plants. In the second part, a quantitative analysis of the German power market is provided. The effects of different PV scenarios on the wholesale power price and the total revenues (i.e., price multiplied by quantity) of all conventional power plants are calculated. For an incumbent operator of a coal-fired power plant, the contribution margin may decrease by more than 25% and for a new, yet to build gas-fired combined cycle power plant it may drop by more than 30%. The study concludes that the PV support scheme can be understood as the accelerator pedal for the structural change in the German power sector. Implementing the changes in the feed-in tariffs as presented in the bill will require more and faster changes in the overall design of the power market to provide sufficient incentives for backup capacities when the sun is not shining. It would also be accompanied by additional acceleration costs. Absolute caps on the added capacity, rather than further cuts in the tariffs, could buy some time for a careful redesign of the market and may reduce resistance from incumbent operators.     

Staatliche Regulierung und Digitalisierung als Antezedenzien für Innovationen in der Energiewirtschaft am Beispiel von REMIT

Probably no other industry is as affected by governmental interventions via regulation and their respective directives as is the energy industry. On the one hand, firms must deal with a considerable amount of resources bound in order to satisfy consequential challenges. On the other hand, a variety of chances are offered due to the phenomenon of strict regulation often fostering innovation. In addition, digitization has heavily influenced the energy industry among many others in several ways. Digitization has not only enabled new business model innovation, but also incorporated it in itself. Unfortunately, the circle of beneficiaries remained limited in the beginning, because many foremost municipal utilities do not possess enough capacities to exploit these chances. Nonetheless, as our case study of REMIT highlights established utilities were able to utilize this new market in form of business model innovation. Therefore our case serves as a blueprint for innovation management driven by regulation and digitization alike.     

我国触电人身损害案例法律适用问题研究

触电人身损害的9种诱因构成反映此类案件呈现类型化的倾向。从触电人与电力设施产权人的责任分担比例统计可以看出,责任分担方式存在相当大的差异,同类型案件的处理不尽一致则说明了司法实践的不够统一。触电人行为是否属于法律禁止、实施行为时的主观心理状态识别、产权人安全警示义务的限度等问题都属于触电人身损害赔偿案件处理中争议较大的问题。解决这些法律争议问题有赖于立法、司法等方面达成共识。     

Applying “Merger Guidelines” market definition to (de)regulatory policy: Pros and cons

Since initially presented in the 1982 Department of Justice Horizontal Merger Guidelines, market definition has been adopted nearly worldwide as a framework to see if a merger would substantially lessen competition. This framework is useful for addressing the similarly counterfactual question of whether forbearance from regulation would lead to an increase in prices. In this context, however, the usefulness of a merger-based market definition is limited. Because the alternative to forbearance is regulation, and since some regulated rates may be below competitive levels, finding that deregulation would lead to market power as defined for mergers need not justify continued regulation. Forbearance in telecommunications highlights market definition questions regarding gross vs. marginal substitutes, dynamic efficiencies, and service bundling. It also reveals ambiguities in the meaning of “geographic market.” Market definition also has limited applicability if regulation exists not to prevent high prices but the abuse of dominance through predatory pricing.     

Financing Choice and Liability Structure of Real Estate Investment Trusts

We conduct an analysis of public financial offerings of equity Real Estate Investment Trusts (REITs), with a focus on liability structure effects and whether or not firms target longer-run debt ratios. Our major findings are that (1) proceeds from equity offers are more likely to fund investment, whereas public debt offer proceeds are typically used to reconfigure the liability structure of the firm; (2) public debt issuers are often capital constrained and target total leverage ratios to retain an investment grade credit rating; and (3) the preoffer liability structure affects the issuance choice decision, in that firms with higher preoffer levels of secured (unsecured) debt tend to issue equity (public debt). Other notable findings are that the market for public REIT debt is integrated with the broader debt markets and that higher credit quality firms issue longer-maturing bonds.     

论企业与市场的相互融合

当代经济组织发展的新趋势是企业与市场相互融合。一方面,企业吸收市场的比较优势,在经营层次上利用市场机制替代科层机制,在战略层次上用模块协调代替行政协调,是权威和价格这两种资源配置方式的有机融合。另一方面,市场利用企业的比较优势,在管理上引入科层机制来提高交易效率和降低交易费用。总之,企业中有市场,市场中有企业,企业和市场都是一种以模块化运作为基础的网络。     

The case for a more binding WTO agreement on regulatory principles in telecommunication markets

On February 5, 1998, the WTO agreement on basic telecommunications services entered into force. Although the WTO agreement is a step into the right direction its impact might be rather modest. This is because apart from the many exemptions, which are likely to undermine market access and national treatment commitments, the regulatory provisions laid down in the WTO agreement are neither specific nor comprehensive enough to ensure open market access. Because there is in most cases a lack of clear definition as to the terms and conditions of regulatory provisions, there is a great danger that governments might nullify the commitments by abusing the regulatory requirements.     

俄罗斯电力改革进程及分析

2008年7月1日俄罗斯统一电力公司停止运营,俄罗斯电力行业的重组过程基本完成。发输配售各环节被彻底拆分。对俄罗斯电力改革后电力工业各环节以及电力市场建设的现状和规划进行了系统总结。归纳了俄罗斯电力市场化改革的特点,对比我国电力工业改革的不同之处,提出了对我国电力工业改革的启示。     

Ein Rollenmodell zur Einbindung der Endkunden in eine smarte Energiewelt

The successful expansion of renewable energies requires a phase of change in the energy supply system. On the one hand solutions have to be found to ensure the system dependability in spite of the high volatility of the feeding-in from renewable sources. On the other hand the differences between feeding-in and demand, which also occurs on the regional level evermore, have to be equalized on the regional level, too. For this purpose, it is necessary to develop new control and modified market mechanisms. The role definition of the involved actors gets an increasing relevance because of the politically predetermined unbundling. However, only a slight attention was paid to the role of the final consumers in the past. For a successful rebuilding of the energy supply system it is nevertheless important to involve the consumers in this process. It could be demonstrated within the research project “MeRegio”, that the integration of the consumers into an incentive based demand side management can tap significant potentials to equalize differences between feeding-in and demand. Therefore, the focusing on the final consumers can have an important contribution to rebuild the energy supply system.     

Market power and banking failures

We investigate whether more competition in the banking industry necessarily results in a higher probability of banking failures, as it is often suggested. In our model borrowers face a moral hazard problem, which induces banks to choose between costly monitoring and credit rationing. We show that investment decreases with the lending rate and increases with monitoring effort. Since incentives to monitor are enhanced by market power, the relationship between market structure and investment is ambiguous. In the presence of non-diversifiable risk and decreasing returns to scale, more investment implies higher failure rates. As a result, the relationship between market power and banking failures is ambiguous.     

Wettbewerbsfähigkeit der Photovoltaik im deutschen Energiemix – Neudefinition des Ansatzes der Netzparität

Photovoltaics are one of the fastest growing energy sources in the world. Despite high costs and a limited energy yield, attractive support schemes particularly the German renewable energy law have paved the way for the strong market growth of this technology within the last decade. Here the question arises as to when photovoltaics will reach a competitive level in Germany without the support of subsidies. The prominent grid parity approach is simple and considered critical in this discussion. It is critical because of the different references regarding the costs of electricity generated by a newly installed PV system and the electricity price of private households, which consists of electricity generation, distribution, sales as well as taxes and duties on the one hand. On the other hand, there are different time references in the calculation of electricity generation costs and electricity prices of private households. Transferring the approach of Levelized Costs of Electricity (LCOE) to all power generation plants within the energy mix means a redefinition of the grid parity of photovoltaics will be carried out. Here the electricity generation costs of photovoltaics as well as the energy mix will be calculated in the same way. The LCOE calculation refers to the whole life cycle of every power generation plant. That is why a balance between the high investment costs of photovoltaics and the increasing operation costs of fossil fuelled power plants is made. It can be shown that the reaching of competitiveness of photovoltaics in Germany depends on structural changes in electricity generation and it is to be realized within the anticipated time frame until the year 2020.     

Stock market undervaluation of resource redeployability

Research Summary : Stock market undervaluation of resources was often assumed to have strategic implications. Such undervaluation lets firms buy resources relatively cheaply, but it can also constrain resource deployment. This article shows that the option to redeploy a firm's resources to a new business can be undervalued in stock markets when investors face ambiguity about that option due to uniqueness of redeployment. The developed formal model derives conditions under which stock markets undervalue resources. Those conditions are summarized with an empirical operationalization that can be tested with a broad range of strategic implications. Besides, the model provides a more complete account of resource redeployability by demonstrating the redeployability paradox. The paradox highlights that some determinants of redeployability enhance undervaluation, while simultaneously increasing objective value of redeployable resources. Managerial Summary : Stock markets can systematically undervalue resources. On the one hand, such undervaluation creates a profitable opportunity for a firm that needs some resources for its growth and compares the option to buy stock in another firm, whose resource are undervalued, with the option to build those resources internally. On the other hand, such undervaluation poses limits to resource deployment strategies of the undervalued firm. When does such undervaluation occur? This study highlights one possible source for undervaluation, ambiguity that is faced by stock market investors about the option to redeploy a firm's resources to a new business. The study specifies conditions under which stock markets are more likely to undervalue resources. The understanding of those conditions can guide managers toward strategic opportunities.     

MERGER, EASE OF ENTRY AND ENTRY DETERRENCE IN A DYNAMIC MODEL

We analyze whether ease and speed of entry can mitigate the anti-competititve effects of a merger, in a dynamic model of endogenous merger. In our model, if new firms can enter quickly, it is more likely that merger is motivated by efficiency as opposed to increased market power. Thus, there is less reason to challenge the merger. On the other hand, if entry of new firms becomes less costly, firms may have a stronger incentive to monopolize the industry through horizontal merger. We also show that when the incumbent can engage in entry deterrence activities, anti-merger policy can decrease welfare.     

关于构建电力企业风险防范机制的思考

我国电力企业所面临的风险是错综复杂的,它包括自然风险、人为风险、责任风险和财务风险等.因此,企业只有构建和完善风险防范机制,加强风险管理,才能有效地实现企业风险成本最小化和企业价值最大化的总体目标.构成企业风险防范机制的框架包括风险评估、风险控制、损失融资三个基本要素.我国电力企业建立风险防范机制的有效途径是保险.保险过去是、现在是、将来仍然是企业风险管理的重要手段,并且在风险管理方面发挥越来越重要的作用.