Resumo

LIERA-MORENO, E.V.; GUTIERREZ ALCARAZ, G.  e  TOVAR HERNANDEZ, J. H.. Generation Companies' Operative Strategies in the Spot Electricity Market. Ing. invest. y tecnol. [online]. 2012, vol.13, n.3, pp.351-364. ISSN 2594-0732.

In traditional regulation the obligation to meet the consumer demand was assumed, this guaranteed to generation companies the full recovery of their costs. However, in order to achieve greater efficiency, reduce the price of electricity, meet the continuously growing electricity consumption, and equalize prices in different regions, a new structure of the electricity industry has been created, where electric energy is traded through a market. Generation company's future cash flows depend on day to day market participation, in order to satisfy all of their financial and economic requirements. In this paper, future cash flows required to fulfill with economic and financial commitments by a generation company immerse in this new market structure are studied. For this purpose, future cash flows are considered to be dependent on a single asset: electricity. Several scenarios with different fuel prices are generated in order to estimate the generation company's future cash flows. The response of the competing generation companies is taken into account at each scenario. The fuel price changes are modelled using a concurrent binary tree.

Palavras-chave : unit commitment; generation companies; electricity markets; portfolio; risk; auctions.