The DOI matches its Crossref record; 11 of the 11 references it cites were found in a registry or an index.
The Long-Run Efficiency of Real-Time Electricity Pricing
Open accessAbstract
Retail real-time pricing (RTP) of electricity -- retail pricing that changes hourly to reflect the changing supply/demand balance -- is very appealing to economists because it sends the right price signals. Economic efficiency gains from RTP, however, are often confused with the short-term wealth transfers from producers to consumers that RTP can create. Abstracting from transfers, I focus on the long-run efficiency gains from adopting RTP in a competitive electricity market. Using simple simulations with realistic parameters, I demonstrate that the magnitude of efficiency gains from RTP is likely to be significant even if demand shows very little elasticity. I also show that time-of-use pricing, a simple peak and off-peak pricing system, is likely to capture a very small share of the efficiency gains that RTP offers.
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Responding to time varying pricing definitely contributes to the increase in the welfare of larger commercial and industrial consumers.
“On the other hand, responding to time varying pricing de fi nitely contributes to the increase in the welfare of larger commercial and industrial consumers [112].”
From An overview of Demand Response: Key-elements and international experience (2017) · cites this paper as [112]
The Conclusions (section VI; page unavailable) say RTP's benefits are likely to far outweigh its costs for the largest customers and that putting larger customers on RTP appears to have clear net social value. The claim overstates this qualified simulation result as a definite increase in the welfare of large commercial and industrial consumers specifically; the cited passage does not establish that each such consumer benefits. (LLM, conf=0.86)
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Citations
Cites
Peak Loads and Efficient Pricing
Steiner, P. O. (1957) · The Quarterly Journal of Economics · doi:10.2307/1885712 · Cited by 435
On the Efficiency of Competitive Electricity Markets With Time-Invariant Retail Prices
Holland, S. P., & NC DOCKS at The University of North Carolina at Greensboro (2005) · NC Digital Online Collection of Knowledge and Scholarship (The University of North Carolina at Greensboro) · Cited by 305
A Survey of Utility Experience with Real Time Pricing
Barbose, G. L., USDOE. Office of Electric Transmission and Distribution. Office of Electric Transmission and Distribution (US), Goldman, C. A., & Neenan, B. (2004) · doi:10.2172/836966 · Cited by 211
Estimating the Customer-Level Demand for Electricity Under Real-Time Market Prices
Patrick, R. H., & Wolak, F. A. (2001) · National Bureau of Economic Research · doi:10.3386/w8213 · Cited by 111
On the Efficiency of Competitive Electricity Markets With Time-Invariant Retail Prices
Borenstein, S., & Holland, S. P. (2003) · National Bureau of Economic Research · doi:10.3386/w9922 · Cited by 104
Self-citationTime-Varying Retail Electricity Prices: Theory and Practice
Borenstein, S., Braithwait, S., Bushnell, J., Faruqui, A., Griffin, J. E., Holland, S. P., Jaske, M., Kaiser, J., Notsund, K., Puller, S., et al. (2003) · Cited by 83
Self-citationLooking for Trouble: Competition Policy in the U.S. Electricity Industry
Bushnell, J. (2003) · eScholarship (California Digital Library) · Cited by 41
Investment Efficiency in Competitive Electricity Markets With and Without Time-Varying Retail Prices
Borenstein, S., & Holland, S. P. (2002) · eScholarship (California Digital Library) · Cited by 23
Self-citationDemand Response: Reality versus “Resource”
Ruff, L. E. (2002) · The Electricity Journal · doi:10.1016/s1040-6190(02)00401-3 · Cited by 15
Holland, S. P., & Mansur, E. T. (2005) · eScholarship (California Digital Library) · Cited by 10
Braithwait, S. D., & O’Sheasy, M. (2002) · Springer eBooks · doi:10.1007/978-1-4615-0833-5_12 · Cited by 6
Flagged first, then by citations
Research works printed but not linked: 1
- and James B. Bushnell, "An Empirical Analysis of Market Power in a Deregu- lated California Electricity Market, Journal of Industrial Economics, September 1999, 47(
Cited by
Sorted by citations
Big data driven smart energy management: from big data to big insights
Zhou, K., Fu, C., & Yang, S. (2016) · Renewable and Sustainable Energy Reviews · doi:10.1016/j.rser.2015.11.050 · Cited by 841
An overview of Demand Response: Key-elements and international experience
Paterakis, N. G., Erdinç, O., & Catalão, J. P. S. (2017) · Renewable and Sustainable Energy Reviews · doi:10.1016/j.rser.2016.11.167 · Cited by 640
Rethinking real-time electricity pricing
Allcott, H. (2011) · Resource and Energy Economics · doi:10.1016/j.reseneeco.2011.06.003 · Cited by 441
Anees, A., & Chen, Y.-P. P. (2016) · Applied Energy · doi:10.1016/j.apenergy.2015.12.103 · Cited by 70
Metadata
- Authors
- Borenstein, S.
- Affiliations
- University of California, Berkeley (US)
- Corresponding author
- Borenstein, Severin
- ORCID
- Borenstein, Severin
- Venue
- The Energy Journal
- Publisher
- SAGE Publications
- Published
- 2005
- Volume
- 26
- Issue
- 3
- ISSN
- 0195-6574 (ISSN-L)
- OpenAlex
- W3146844854
- Cited by
- 233
- References
- 11
- Citations by year
- 2024: 2 · 2023: 4 · 2022: 7 · 2021: 16 · 2020: 13 · 2019: 45 · 2018: 23 · 2017: 16 · 2016: 18 · 2015: 10 · 2014: 12 · 2013: 10 · 2012: 16
- FWCI
- 4.43
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- The Energy Journal (publishedVersion)
- Topics
- Physical Sciences › Engineering › Electrical and Electronic Engineering › Smart Grid Energy Management
- Physical Sciences › Engineering › Electrical and Electronic Engineering › Electric Power System Optimization
- Physical Sciences › Energy › Renewable Energy, Sustainability and the Environment › Energy, Environment, and Transportation Policies
- Keywords
- real-time electricity pricing, economic efficiency, deregulated electricity markets, time-of-use pricing, peak and off-peak pricing, demand elasticity, price signals, wealth transfer, electricity demand
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