Electricity Networks Inter-regional market co-ordination (Session 8)

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1 Electricity Networks Inter-regional market co-ordination (Session 8) Dennis Volk Electricity Analyst Electricity System Training Week, Bangkok, November 2013

2

3 Theoretical benefits of inter-regional approaches can be significant Theoretical net benefits of market integration in Europe ( /MWh) Total Market Coupling Integration* Optimal network * with 50% of the optimal additional tranmission capacity Generation adequacy Balancing Coordinated RES investments

4 Trade between US regions is mostly blocked Net inter-regional trade at 1% of US demand in 2010 California imports 25% of its electricity Regional expansion enhances trade: TWhin PJM Source: EIA

5 Trade between EU countries is growing Power trade in the EU 25% 20% % TWh % % % Trade (left scale) Trade share of demand (right scale)

6 Potential reasons why trade is blocked in the US and why it expands in the EU EU was always designed to have a single internal market US focus so far on getting the market framework right Single regions often sufficiently big in size Transmission between regions often a scarce resource Inter-regional transmission planning initiatives only starting Different ISO have different operating codes: interface issues Operational responsibilities Generator requirements Transmission pricing and allocation Capacity markets (?)

7 Early interconnectors for systemic reasons Frequency Early access to hydro as essential balancing provider Production Consumption More resources mean more insurance against contingencies

8 Theoretical seams between regions Policy and regulatory framework 1 Border = potential seam Policies Policy and regulatory framework 2 Interconnectors 3 Markets

9 Policies creating seams security remains national % 0 Generation Peak demand Interconnectors IEA, 2014 Switzerland Norway France Sweden Austria Slovak Republic Portugal Germany Belgium Spain Relying on neighbors for Czech Republic Finland Greece Italy serving peak demand is NO Denmark Hungary Ireland driver for integration United Kingdom Netherlands Poland Installed capacity Fossil Nuclear Share by country Hydro Wind & Solar Estonia 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Different technology policies may hinder inter-regional approaches

10 Volumes tradedatnordpool as a % oftotal Nordic consumption Source: Nord Pool Spot

11 Nordic Market Overview Nordic Power Market is about: Norway Sweden Finland Denmark Full liberalizationmid-1990 s upon EU regulatory requirements. Integration into a single Nordic Electricity Markets: Nordpool with common Nordic wholesale electricity market.

12 The Nordic Market Reform Objectives: To obtain a better balance between power generation capacity and power demand To increase efficiency within the power industry To reduce regional differences in electricity prices to end-users Source: Nord Pool

13 Today s Nordic Power Market Source: Nord Pool

14 Better use of existing assets a 1 GW line

15 Real-time cross-border operations keep the system reliable

16 An interconnected region is also balancing temporary shortfalls Lack of capacity generation by hydro power compensated by thermal power generation installed in the southern regions Thermal generation also compensates when hydro reservoir are low The year-to-year variation in reservoir influx can amount to ±20 TWh(DK s annual consumption is less than 40TWh The Nordic market decides to handle power generation capacity under surplus and deficit conditions via price mechanisms Deregulation of the market

17 Making best use of existing interconnectors market factors Electricity Markets Energy Market Forward Markets Capacity Market Ancillary Services Market Day Ahead market Intraday & balancing markets Forward / Future markets Transmission reservation Capacity Forward capacity market market Forward Reserve market Regulation market

18 Making best use of existing interconnectors harmonising system factors in the EU ACER Source: ENTSO-E, 2013

19 Operational seams and implications Inefficient Direction Efficient Direction Efficient Direction Inefficient Direction

20 Prices can reveal need for additional interconnectorsor better use of existing assets Prices and price differences between Italy and Austria Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Prices and price difference (EUR/MWh) Austria Italy Difference

21 Additional interconnectors can face many seams Key potential investment seams Institutions Policies and regulations Planning and cost allocation Governments Welfare redistribution Planning procedures Regulators Reliability and adequacy Data and modeling Siting agencies Public policies Stakeholder integration System operators Unbundling regulations Investment tests Consumers Market design Cost allocation Ancillary service design Economic regulation

22 The Australian case overcoming investment seams Australia National Electricity Market (NEM) Longest interconnection of five states km 50 GW capacity and 35 GW peak. >200 TWh/yr State and private ownership Commenced 1998 (NSW& VIC) NEMMCO and NEM with shortcomings Multiple regulators No system-wide planning No commercial CBA AEMO since 2009 Operations (gross pool) Transmission planning 60/40 membership AEMC sets market rules (AEMC, 2013a) 14 TWh 52 TWh 78 TWh 51 TWh 10 TWh

23 The Australian case overcoming investment seams Enshrined into AMEC planning rules (AEMC, 2013b) AEMO provides transparent planning information Annual forecasting reports (AEMO, 2013a) 10 year timeframe Nodal accuracy Energy consumption by sector Peak demand Generation capacity additions Generation capacity mix Uncertainty assessment Formation of a planning baseline

24 The Australian case overcoming investment seams AEMO provides transparent planning information Generation adequacy reports (AEMO, 2013b) 10 year timeframe State accuracy Peak demand Available generation capacity

25 The Australian case overcoming investment seams AEMO provides transparent planning information Renewables integration report (AEMO, 2013c) 6 years timeframe Technical study on power system impacts Assessment of compensation measures

26 The Australian case overcoming investment seams AEMO provides transparent planning information National Transmission Plan (AEMO, 2013d) 10 years timeframe Annual publication Comprehensive overview of developments, challenges and opportunities Fundament for further dialogue between project developers and others. Full market and modeling data made available upon request

27 The Australian case overcoming investment seams CBA governed by regulatory rules (AER, 2010) AEMO conducts CBA with proponents Regulatory Investment Tests (AEMO, 2013e) Project specific consultation report Forum presentation Written submissions from stakeholders Feasibility study Draft RIT report Written submissions from stakeholders RIT conclusions report Investment application to regulator, determination and cost allocation (based upon benefits)

28 The Australian case Cost/benefit test for Heywood in 2013

29 References AEMC, 2013a: National Electricity Rules: Current Rules, available at AEMC, 2013b: Network Connection, Planning and Expansion, available at Rules/Current-Rules.html AEMO, 2013a: Forecasting, available at AEMO, 2013b: Electricity Statement of Opportunities, available at AEMO, 2013c: INTEGRATING RENEWABLE ENERGY -WIND INTEGRATION STUDIES REPORT, available at ewable%20energy%20-%20wind%20integration%20studies%20report% pdf.ashx. AEMO, 2013d: National Transmission Network Development Plan, available at Development-Plan.

30 References AEMO, 2013e: Regulatory Investment Tests for Transmission (RIT-Ts), available at Transmission. AER, 2010: Regulatory investment test for transmission (RIT-T) and application guidelines 2010, available at DSIRE, 2013: DSIRE Database, available at ENTSO-E, 2013: Network Code Overview, available at IEA 2014: Seamless Power Markets, IEA, Paris (forthcoming).

31 OECD/IEA 2012 Source: Nord Pool

32 Main actors and responsibilities

33 Consumption, generation and exchange Feb. 3rd 2013 Hour 9 Source: Nord Pool Spot

34 Power exchanges The extent of the power exchange is highly influenced by the resource situation. In dry years the power flows north and west, while in wet years the power flows south and east. Likewise, changes in wind power generation influence the power flows, although with a time span of hours instead of months. This illustrates the flexibility of the Nordic power system; power is generated where it is cheapest and it is then transferred to more expensive areas and areas with not enough generation capacity. Power exchange between the Nordic and the non-nordic countries during 2009 source: NordReg

35 Price zones and interconnectors

36 Winter Exceptionalsituation: Marketprices(in someareas) wentupto :MWh average price is /MWh Reasons: Cold temperature impacting demand Low generation from Swedish nuclear plants (40% average scheduled maintenance) Lower hydropower reserves in Norway due to compensation to low nuclear production in Sweden Technical transmission limits Use ofthepeakreservecapacityownedby Sweden(2,000MW) and Finland(600 MW)

37 January8th, 2010

38 Policies creating seams so do renewablessupport schemes Renewable Portfolio Standard Policies.. 29 states,+ Washington DC and 2 territories,have Renewable Portfolio Standards (8 states and 2 territories have renewable portfolio goals). DSIRE, 2014

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