Is the California-Style Energy Crisis of the 1990s imminent? EU Energy Markets and Renewable Energy Sources

Tomasz Sienko, Jerzy Szczepanik

Abstract

Interactions between increasing the penetration of the Power System by renewable energy sources and the mechanism of shaping energy prices (day-ahead market) create many surprised consequences. The article analyzes the reasons for the long-term persistence around zero prices on the day-ahead market in southwestern Europe. This is important since at the same time this area of Europe generated electricity from a similar energy mix, as the target one for the EU.

Keywords

renewable energy, electricity markets, variation of electricity prices

Fig.

Bilbiography

[1] dyrektywa (UE) 2019/944 https://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=COM:2016:0864:FIN dostęp 8.05.2024
[2] rozporządzenie (UE) 2019/943 https://eur-lex.europa.eu/legalcontent/PL/TXT/?qid=1581587333688&uri=CELEX:32019R0943 dostęp 8.05.2024
[3] rozporządzenie (UE) 2019/941 https://eurlex.europa.eu/legalcontent/PL/TXT/?uri=CELEX:32019R0941 dostęp 8.05.2024
[4] rozporządzenie (UE) 2019/942 https://eur-lex.europa.eu/legalcontent/PL/TXT/?qid=1581587497849&uri=CELEX:32019R0942 dostęp 8.05.2024
[5] Dyrektywa (UE) 2018/2001 https://eur-lex.europa.eu/legal-content/PL/TXT/?uri=celex%3A32018L2001 dostęp 8.05.2024
[6] A. Szafranski (2023): "Instrumenty prawne regulacji cen energii elektrycznej.", Forum Prawnicze, (2(76), 3–20. https://doi.org/10.32082/fp.2(76).2023.1190
[7] Leigh Hancher, Adrien de Hauteclocque, Kaisa Huhta, Małgorzata Sadowska: “Capacity Mechanisms in the EU Energy Markets: Law, Policy, and Economics” , Oxford University Press, 2022 – 512
[8] G. Zhang, H. Zhong, Z. Tan, T. Cheng, Q. Xia and C. Kang: "Texas electric power crisis of 2021 warns of a new blackout mechanism," in CSEE Journal of Power and Energy Systems, vol. 8, no. 1, pp. 1-9, Jan. 2022, doi: 10.17775/CSEEJPES.2021.07720.
[9] Joshua W. Busby, Kyri Baker, Morgan D. Bazilian, Alex Q. Gilbert, Emily Grubert, Varun Rai, Joshua D. Rhodes, Sarang Shidore, Caitlin A. Smith, Michael E. Webber: ”Cascading risks: Understanding the 2021 winter blackout in Texas” . Energy Research & Social Science, Volume 77, 2021, 102106, ISSN 2214-6296, https://doi.org/10.1016/j.erss.2021.102106.
[10] Stephen Littlechild, Lynne Kiesling: “Hayek and the Texas blackout”, The Electricity Journal, Volume 34, Issue 6, 2021, 106969, ISSN 1040-6190, https://doi.org/10.1016/j.tej.2021.106969.
[11] T.Popik and R.Humphreys (2021): "The 2021 Texas Blackouts: Causes, Consequences, and Cures.", Journal of Critical Infrastructure Policy, 2: 47-73. https://doi.org/10.18278/jcip.2.1.6
[12] A.Clark-Ginsberg, D.DeSmet, I.A.Rueda, R.Hagen& B,Hayduk (2021): "Disaster risk creation and cascading disasters within large technological systems: COVID-19 and the 2021 Texas blackouts.", Journal of Contingencies and Crisis Management, 29, 445–449. https://doi.org/10.1111/1468-5973.12378
[13] Dongqi Wu, Xiangtian Zheng, Ali Menati, Lane Smith, Bainan Xia, Yixing Xu, Chanan Singh, Le Xie: “How much demand flexibility could have spared texas from the 2021 outage?”, Advances in Applied Energy, Volume 7, 2022, 100106, ISSN 2666-7924, https://doi.org/10.1016/j.adapen.2022.100106.
[14] A Xiwu LENG,: ”The Analysis of 2021 Texas Rotating Blackout Incident and Its Enlightenment to the Reform of China Power Grid” Journal Article 2021 Power Generation Technology 10.12096/j.2096-4528.pgt.21027 151-159 V 42 N 2 {https://www.pgtjournal.com/CN/abstract/article_499.shtml} 8 2021-04-30
[15] K. Oberg, A. Srinivas, F. Rahman, Z. Wang and P. Ranganathan: "Strengthening Grid Resilience: Lessons from the Texas Power Blackout and Implications.", 2023 North American Power Symposium (NAPS), Asheville, NC, USA, 2023, pp. 1-6, doi: 10.1109/NAPS58826.2023.10318534.
[16] C.L.Prete & J.Rosellon, 2023: "What happened in Texas? Understanding the February 2021 blackouts and learning lessons to prepare the grid for extreme weather events: An introduction", Economics of Energy & Environmental Policy, vol. 12, no. 2.
[17] Lee, Cheng-Chun, Maron, Mikel, Mostafavi, Ali; 2022; 2022/09/24: "Community-scale big data reveals disparate impacts of the Texas winter storm of 2021 and its managed power outage”; Humanities and Social Sciences Communications; 335. 9.1, 2662-9992, https://doi.org/10.1057/s41599-022-01353-8, 10.1057/s41599-022-01353-8,
[18] N.M.Flores, H.McBrien, Do, V. et al.: "The 2021 Texas Power Crisis: distribution, duration, and disparities.", J Expo Sci Environ Epidemiol 33, 21–31 (2023). https://doi.org/10.1038/s41370-022-00462-5
[19] Sara E. Grineski, Timothy W. Collins, Jayajit Chakraborty: "Cascading disasters and mental health inequities”: Winter Storm Uri, COVID-19 and post-traumatic stress in Texas, Social Science & Medicine, Volume 315, 2022, 115523, ISSN 0277-9536, https://doi.org/10.1016/j.socscimed.2022.115523.
[20] J.Bomar (2022). Keep Austin Safe: "Studying Mutual Aid Organizing Following the 2021 Texas Energy Crisis." Undergraduate Research Scholars Program. Available electronically from https : / /hdl .handle .net /1969 .1 /196505.
[21] D. Stenclik et al.: "Quantifying Risk in an Uncertain Future: The Evolution of Resource Adequacy," in IEEE Power and Energy Magazine, vol. 19, no. 6, pp. 29-36, Nov.-Dec. 2021, doi: 10.1109/MPE.2021.3104076.
[22] K. Oberg, A. Srinivas, F. Rahman, Z. Wang and P. Ranganathan: "Strengthening Grid Resilience: Lessons from the Texas Power Blackout and Implications," 2023 North American Power Symposium (NAPS), Asheville, NC, USA, 2023, pp. 1-6, doi: 10.1109/NAPS58826.2023.10318534.
[23] N.Kaldor(1934): "A classificatory note on the determinateness of equilibrium.", Review of Economic Studies. 1. 122-136. 10.2307/2967618.
[24] R.Mickens (1990): "Difference Equations: Theory and Applications."
[25] M.Pingle (2003): "Introducing Dynamic Analysis Using Malthus Principle of Population.", Journal of Economic Education. 34. 3-20. 10.1080/00220480309595196.
[26] Masrur, Hasan, Khan, Kaisar R., Abumelha, Waleed and Senjyu, Tomonobu: "Efficient Energy Delivery System of the CHP-PV Based Microgrids with the Economic Feasibility Study", International Journal of Emerging Electric Power Systems, vol. 21, no. 1, 2020, pp. 20190144. https://doi.org/10.1515/ijeeps-2019-0144
[27] Acemoglu Daron, Verdier Thierry: "The Choice between Market Failures and Corruption.", American Economic Review 90 1 194-211 2000 10.1257/aer.90.1.194 https://www.aeaweb.org/articles?id=10.1257/aer.90.1.194
[28] A.E.Roth (2002): "The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics†.", Econometrica, 70: 1341-1378. https://doi.org/10.1111/1468-0262.00335
[29] Cicala, Steve : “Imperfect Markets versus Imperfect Regulation in US Electricity Generation.” , American Economic Review 112 2 409-41 2022 10.1257/aer.20172034 https://www.aeaweb.org/articles?id=10.1257/aer.20172034
[30] Valarezo, Orlando, Tomás Gómez, José Pablo Chaves-Avila, Leandro Lind, Mauricio Correa, David Ulrich Ziegler, and Rodrigo Escobar. 2021. "Analysis of New Flexibility Market Models in Europe" Energies 14, no. 12: 3521. https://doi.org/10.3390/en14123521
[31] Wesseh, P. K., Chen, J., & Lin, B. (2023): "Electricity price modeling from the perspective of start-up costs: incorporating renewable resources in non-convex markets.", Frontiers in Sustainable Energy Policy, 2. https://doi.org/10.3389/fsuep.2023.1204650
[32] Cars Hommes, Kai Li, Florian Wagener: “Production delays and price dynamics”, Journal of Economic Behavior & Organization, Volume 194, 2022, Pages 341-362, ISSN 0167-2681, https://doi.org/10.1016/j.jebo.2021.12.033.
[33] Sinha, Sitabhra. (2010): "Are large complex economic systems unstable ?", arXiv.org, Quantitative Finance Papers. 76.
[34] Klein, M., Bar-Yam, Y. (2004): "Handling Resource Use Oscillation in Multi-agent Markets.", In: Faratin, P., Parkes, D.C., Rodríguez-Aguilar, J.A., Walsh, W.E. (eds) Agent-Mediated Electronic Commerce V. Designing Mechanisms and Systems. AMEC 2003. Lecture Notes in Computer Science(), vol 3048. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-25947-3_9
[35] K.Zhuang, G.Jia: "Sustained oscillation induced by time delay in a commodity market model.", Adv Differ Equ 2017, 56 (2017). https://doi.org/10.1186/s13662-017-1113-6
[36] Rozporządzenie Ministra Klimatu i Środowiska z dnia 27 września 2022 r. zmieniające rozporządzenie w sprawie szczegółowych warunków funkcjonowania systemu elektroenergetycznego, https://dziennikustaw.gov.pl/DU/2022/2007 dostęp 8.05.2024
[37] https://www.pse.pl/obszary-dzialalnosci/wymiana-miedzysystemowa/rynek-dnia-biezacego, dostęp 8.05.2024
[38] https://pap-mediaroom.pl/biznes-i-finanse/wyznaczanie-ceny-energii-na-towarowej-gieldzie-energii-czyli-jak-dziala-mechanizm dostęp 8.05.2024
[39] Le Hong Lam, Valentin Ilea, Cristian Bovo: ”European day-ahead electricity market coupling: Discussion, modeling, and case study”, Electric Power Systems Research, Volume 155, 2018, Pages 80-92, ISSN 0378-7796, https://doi.org/10.1016/j.epsr.2017.10.003.
[40] D.Shah, S.Chatterjee: "A comprehensive review on day-ahead electricity market and important features of worlds major electric power exchanges.", Int Trans Electr Energ Syst. 2020; 30:e12360. https://doi.org/10.1002/2050-7038.12360
[41] G. A. Dourbois, P. N. Biskas and D. I. Chatzigiannis: "Novel Approaches for the Clearing of the European Day-Ahead Electricity Market," in IEEE Transactions on Power Systems, vol. 33, no. 6, pp. 5820-5831, Nov. 2018, doi: 10.1109/TPWRS.2018.2849645.
[42] Georgios Tsaousoglou, Juan S. Giraldo, Nikolaos G. Paterakis: "Market Mechanisms for Local Electricity Markets: A review of models, solution concepts and algorithmic techniques”, Renewable and Sustainable Energy Reviews, Volume 156, 2022, 111890, ISSN 1364-0321, https://doi.org/10.1016/j.rser.2021.111890.
[43] M. Benini, M. Marracci, P. Pelacchi and A. Venturini: "Day-ahead market price volatility analysis in deregulated electricity markets," IEEE Power Engineering Society Summer Meeting, Chicago, IL, USA, 2002, pp. 1354-1359 vol.3, doi: 10.1109/PESS.2002.1043596.
[44] Kristof De Vos: "Negative Wholesale Electricity Prices in the German, French and Belgian Day-Ahead, Intra-Day and Real-Time Markets”, The Electricity Journal, Volume 28, Issue 4, 2015, Pages 36-50, ISSN 1040-6190, https://doi.org/10.1016/j.tej.2015.04.001.
[45] H. Zhao et al.. : "Data-Driven Risk Preference Analysis in Day-Ahead Electricity Market," in IEEE Transactions on Smart Grid, vol. 12, no. 3, pp. 2508-2517, May 2021, doi: 10.1109/TSG.2020.3036525.
[46] P. Andrianesis, G. Liberopoulos, G. Kozanidis and A. D. Papalexopoulos: "Recovery mechanisms in day-ahead electricity markets with non-convexities - Part I: Design and evaluation methodology.", in IEEE Transactions on Power Systems, vol. 28, no. 2, pp. 960-968, May 2013, doi: 10.1109/TPWRS.2012.2207920
[47] P. Andrianesis, G. Liberopoulos, G. Kozanidis and A. D. Papalexopoulos: "Recovery mechanisms in day-ahead electricity markets with non- convexities - Part II: Implementation and numerical evaluation," in IEEE Transactions on Power Systems, vol. 28, no. 2, pp. 969-977, May 2013, doi: 10.1109/TPWRS.2012.2207921
[48] A. B. Philpott and E. Pettersen: "Optimizing demand-side bids in day-ahead electricity markets," in IEEE Transactions on Power Systems, vol. 21, no. 2, pp. 488-498, May 2006, doi: 10.1109/TPWRS.2006.873119.
[49] Cramton, P. (2017): "Electricity market design.", Oxford Review of Economic Policy, 33(4), 589–612. https://www.jstor.org/stable/48539475
[50] Johannes Viehmann: "Risk premiums in the German day-ahead Electricity Market.", Energy Policy, Volume 39, Issue 1, 2011, Pages 386-394, ISSN 0301-4215, https://doi.org/10.1016/j.enpol.2010.10.016.
[51] E.Caruso, M.Dicorato, A.Minoia, M.Trovato: "Supplier risk analysis in the day-ahead electricity market.", IEE Proceedings - Generation,bTransmission and Distribution, 2006, 153, (3), p. 335-342, DOI: 10.1049/ip-gtd:20045123 IET Digital Library, https://digital-library.theiet.org/ontent/journals/10.1049/ip-gtd_20045123
[52] Paolo Giabardo, Marco Zugno, Pierre Pinson, Henrik Madsen: ”Feedback, competition and stochasticity in a day ahead electricity market”,
Energy Economics, Volume 32, Issue 2, 2010, Pages 292-301, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2009.09.006. [53] H.Algarvio, F.Lopes, A.Couto, A.Estanqueiro: "Participation of wind power producers in day-ahead and balancing markets: An overview and a simulation-based study.", WIREs Energy Environ. 2019; 8:e343. https://doi.org/10.1002/wene.343
[54] Christian Pape, Simon Hagemann, Christoph Weber: "Are fundamentals enough? Explaining price variations in the German day- ahead and intraday power market”, Energy Economics, Volume 54, 2016, Pages 376-387, ISSN 0140-9883, https://doi.org/10.1016/j. eneco.2015.12.013.
[55] Eirik Ogner Jåstad, Ian M. Trotter, Torjus Folsland Bolkesjø: "Long term power prices and renewable energy market values in Norway – A probabilistic approach”, Energy Economics, Volume 112, 2022, 106182, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2022.106182.
[56] Takayuki Ishizaki, Masakazu Koike, Nobuyuki Yamaguchi, Yuzuru Ueda, Jun-ichi Imura: "Day-ahead energy market as adjustable robust optimization: Spatio-temporal pricing of dispatchable generators, storage batteries, and uncertain renewable resources”, Energy Economics, Volume 91, 2020, 104912, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2020.104912.
[57] David M. Newbery: "High renewable electricity penetration: Marginal curtailment and market failure under “subsidy-free” entry”, Energy Economics, Volume 126, 2023, 107011, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2023.107011.
[58] Diego Godoy-González, Esteban Gil, Guillermo Gutiérrez-Alcaraz: ”Ramping ancillary service for cost-based electricity markets with high penetration of variable renewable energy”, Energy Economics, Volume 85, 2020, 104556, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2019.104556.
[59] K. W. Hedman, M. C. Ferris, R. P. ONeill, E. B. Fisher and S. S. Oren: "Co-Optimization of Generation Unit Commitment and Transmission Switching With N-1 Reliability.", in IEEE Transactions on Power Systems, vol. 25, no. 2, pp. 1052-1063, May 2010, doi: 10.1109/TPWRS.2009.2037232
[60] K. W. Hedman, R. P. ONeill, E. B. Fisher and S. S. Oren: "Optimal Transmission Switching With Contingency Analysis," in IEEE Transactions on Power Systems, vol. 24, no. 3, pp. 1577-1586, Aug. 2009, doi: 10.1109/TPWRS.2009.2020530.
[61] J. Schiffer, T. Seel, J. Raisch and T. Sezi: "Voltage Stability and Reactive Power Sharing in Inverter-Based Microgrids With Consensus-Based Distributed Voltage Control," in IEEE Transactions on Control Systems Technology, vol. 24, no. 1, pp. 96-109, Jan. 2016, doi: 10.1109/TCST.2015.2420622
[62] K. Morison, Lei Wang and P. Kundur: "Power system security assessment," in IEEE Power and Energy Magazine, vol. 2, no. 5, pp. 30-39, Sept.-Oct. 2004, doi: 10.1109/MPAE.2004.1338120
[63] A. G. Thomas and L. Tesfatsion: "Braided Cobwebs: Cautionary Tales for Dynamic Pricing in Retail Electric Power Markets.", in IEEE Transactions on Power Systems, vol. 33, no. 6, pp. 6870-6882, Nov. 2018, doi: 10.1109/TPWRS.2018.2832471.
[64] K.Billewicz (2012): "Skuteczność DSR – między bodźcem a reakcją.", Przeglad Elektrotechniczny. 9a. 308-314.
[65] M.Jabłońska: "Aktualne trendy w badaniach nad reakcją strony popytowej oraz możliwości ich implementacji w warunkach krajowych.", Rynek Energii, vol. nr 3, s. 81–86, 2011.
[66] Faruqui, Ahmad, Sergici, Sanem: "Household response to dynamic pricing of electricity: a survey of 15 experiments” 2010, 2010/10/01, Journal of Regulatory Economics, 193, 225 vol. 38 iss. 2, 1573-0468, doi 10.1007/s11149-010-9127-y
[67] M. Muratori and G. Rizzoni, "Residential Demand Response: Dynamic Energy Management and Time-Varying Electricity Pricing.", in IEEE Transactions on Power Systems, vol. 31, no. 2, pp. 1108-1117, March 2016, doi: 10.1109/TPWRS.2015.2414880.
[68] Ito, Koichiro. 2014: "Do Consumers Respond to Marginal or Average Price? Evidence from Nonlinear Electricity Pricing." American Economic Review, 104 (2): 537-63.
[69] Paul Edelstein, Lutz Kilian: "How sensitive are consumer expenditures to retail energy prices?”, Journal of Monetary Economics, Volume 56, Issue 6, 2009, Pages 766-779, ISSN 0304-3932, https://doi.org/10.1016/j.jmoneco.2009.06.001.
[70] N. G. Paterakis, O. Erdinç, A. G. Bakirtzis and J. P. S. Catalão: "Optimal Household Appliances Scheduling Under Day-Ahead Pricing and Load-Shaping Demand Response Strategies.", in IEEE Transactions on Industrial Informatics, vol. 11, no. 6, pp. 1509-1519, Dec. 2015, doi: 10.1109/TII.2015.2438534.
[71] Rim Missaoui, Hussein Joumaa, Stephane Ploix, Seddik Bacha: "Managing energy Smart Homes according to energy prices: Analysis of a Building Energy Management System.”, Energy and Buildings, Volume 71, 2014, Pages 155-167, ISSN 0378-7788, https://doi.org/10.1016/j.enbuild.2013.12.018.
[72] Kilian, Lutz. 2008. "The Economic Effects of Energy Price Shocks.", Journal of Economic Literature, 46 (4): 871-909. DOI: 10.1257/jel.46.4.871
[73] Wei He, Marcus King, Xing Luo, Mark Dooner, Dacheng Li, Jihong Wang: "Technologies and economics of electric energy storages in power systems: Review and perspective.", Advances in Applied Energy, Volume 4, 2021, 100060, ISSN 2666-7924, https://doi.org/10.1016/j.adapen.2021.100060.
[74] Paul Albertus, Joseph S. Manser, Scott Litzelman: "Long-Duration Electricity Storage Applications, Economics and Technologies”, Joule, Volume 4, Issue 1, 2020, Pages 21-32, ISSN 2542-4351, https://doi.org/10.1016/j.joule.2019.11.009.
[75] Marcin Buczaj, Andrzej Sumorek, Agnieszka Buczaj: "Funkcjonowanie magazynów energii jako układów ograniczających koszty zakupu energii elektrycznej.”, PRZEGLĄD ELEKTROTECHNICZNY Volume: 1 Issue 4 (2024) ISSN: 0033-2097 Online ISSN: 2449-9544
[76] Schmidt, O., Hawkes, A., Gambhir, A. et al.: "The future cost of electrical energy storage based on experience rates.", Nat Energy 2, 17110 (2017). https://doi.org/10.1038/nenergy.2017.110
[77] Behnam Zakeri, Sanna Syri: "Electrical energy storage systems: A comparative life cycle cost analysis”, Renewable and Sustainable Energy Reviews, Volume 42, 2015, Pages 569-596, ISSN 1364-0321, https://doi.org/10.1016/j.rser.2014.10.011.
[78] Dogan Keles, Joris Dehler-Holland: "Evaluation of photovoltaic storage systems on energy markets under uncertainty using stochastic dynamic programming.”, Energy Economics, Volume 106, 2022, 105800, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2021.105800.
[79] https://oko.press/ryby-umieraja-wisla-sola dostęp 8.05.2024
[80] https://lifeinkrakow.pl/w-miescie/7314,w-ciagu-kilku-minut-woda-w-wisle-opadla-o-metr-zginelo-tysiace-ryb-to-sie-powtarza#google_vignette dostęp 8.05.2024
[81] https://dziennikpolski24.pl/krakow-niepokojace-spadki-poziomu-wody-w-rejonie-stopnia-przewoz-w-wisle-gina-ryby/ar/c1-18074177 dostęp 8.05.2024
[82] Technical and Economic Aspects of Load Following with Nuclear Power Plants https://www.oecd-nea.org/upload/docs/application/pdf/2021-12/technical_and_economic_aspects_of_load_following_with_nuclear_power_plants.pdf dostęp 8.05.2024
[83] Azin Shakiba Barough, Mojtaba Valinejad Shoubi, Moohammad Javad Emami Skardi: ”Application of Game Theory Approach in Solving the Construction Project Conflicts.”, Procedia - Social and Behavioral Sciences, Volume 58, 2012, Pages 1586-1593, ISSN 1877-0428, https://doi.org/10.1016/j.sbspro.2012.09.1145.
[84] R Cressman: "Evolutionary stability for two-stage hawk-dove games.", The Rocky Mountain Journal of Mathematics, 1995•JSTOR
[85] https://eur-lex.europa.eu/legal-content/PL/ALL/?uri=celex:32003R0001 dostęp 8.05.2024
[86] Hylton, Keith N.: "Antitrust Law: Economic Theory and Common Law Evolution.", (2003). Books. 89. https://scholarship.law.bu.edu/books/89
[87] Borenstein, Severin. 2002: "The Trouble With Electricity Markets: Understanding Californias Restructuring Disaster.", Journal of Economic Perspectives, 16 (1): 191-211. DOI: 10.1257/0895330027175
[88] Joskow, P. L., & Kahn, E. (2002): "A Quantitative Analysis of Pricing Behavior in California’s Wholesale Electricity Market During.", Summer 2000†. The Energy Journal, 23(4), 1-35. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol23-No4-1
[89] V. S. Budhraja: "Californias Electricity Crisis," in IEEE Power Engineering Review, vol. 22, no. 8, pp. 6-14, Aug. 2002, doi: 10.1109/MPER.2002.1021361
[90] N. K. Trehan, "Lessons learned from Californias experience on electric power deregulation.", IECEC 02. 2002 37th Intersociety Energy Conversion Engineering Conference, 2002., Washington, DC, USA, 2002, pp. 784-790, doi: 10.1109/IECEC.2002.1392151.
[91] You Seok Son, R. Baldick, Kwang-Ho Lee and Shams Siddiqi: "Short-term electricity market auction game analysis: uniform and pay-as-bid pricing,", in IEEE Transactions on Power Systems, vol. 19, no. 4, pp. 1990-1998, Nov. 2004, doi: 10.1109/TPWRS.2004.836192.
[92] https://www.energy-charts.info/?l=en&c=EU dostęp 3.07.2024