Abstract
The electric power industry and electricity as its product are characterized by essential features and distinctions from other industries and commodities. Electric power systems (EPSs) underlie the electric power industry and determine its properties and the specific features of the electricity market. They are, in fact, the main subject of the studies described in the book and the focus of this chapter.
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Notes
- 1.
A natural monopoly is an industry in which the economies of scale is so high that the product can be manufactured by one firm at lower average total costs than if it was manufactured by several firms [34].
- 2.
To be more precise, the regulated prices will be called “tariffs” as opposed to market prices formed in the competitive markets.
- 3.
Oligopoly is a market form in which a small number of sellers dominate in selling a certain product and the entry of new sellers into the market is either complicated or impossible [41].
- 4.
There can be different viewpoints on the expediency of equal electricity prices throughout the country. However, the efforts of Federal bodies in the USA and the EU indicate to their endeavor to equalize the prices among the countries (states).
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© 2011 Springer Science+Business Media, LLC
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Belyaev, L.S. (2011). Electric Power Systems, Their Properties, and Specific Features. In: Electricity Market Reforms. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-5612-5_2
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DOI: https://doi.org/10.1007/978-1-4419-5612-5_2
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Online ISBN: 978-1-4419-5612-5
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