By Martin Feldstein
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Ex-poste Pricing This is where the price is based on the incremental price of that generator recorded as being marginal in the event. In a practical implementation it would be necessary to exclude constrained inﬂexible generation from setting the price. In advance of the event an indicative price may be provided by a scheduling study as above. This has the advantage that the price paid fully reﬂects actual conditions on the day and does not leave a requirement to settle the residual. Bid Pricing With this arrangement generators are paid at their bid price irrespective of the marginal price.
18 ALTERNATIVE MARKET STRUCTURES Local connection costs should be borne entirely by the new market entrant either directly or through a transmission company. The recovery might be on a linear basis or proﬁled to give early returns to the transmitter. Some consideration needs to be given to the sharing of any assets off the immediate site that link into the main system and may have the potential to be shared by other users in future. Supply Issues Traditionally the local distribution company has maintained the right to supply the customers in its area.
E. he will be paid the difference between his offer price and SMP for the units that would have been supplied. e. ‘TCW’ (genset total revised unconstrained cost). e. the costs are spread. The generator also receives availability payments if the LOLP is positive, based on the product of the availability in excess of that schedule in the unconstrained run multiplied by the LOLP and VLL, minus the greater of bid price or SMP. The payments for ancillary services to support frequency and voltage control are based on bilateral contracts and those services recorded as having been called off.