Introduction to Electricity Markets (Non-MCLE)

This session will describe the economics of the electricity sector from power generation to household consumption. It will compare vertically-integrated regions (e.g. the Southeast) to the nine North American organized competitive power markets (e.g. PJM, ERCOT, MISO) and the incentives arising from differences in regulation. The session will also review how independent system operators determine the order to dispatch generation, how wholesale prices are determined and the effects of integrating more gas and renewables on prices and reliability.