Market Transactions Research Articles

The Impact of Participation Ratio and Bidding Strategies on New Energy’s Involvement in Electricity Spot Market Trading under Marketization Trends—An Empirical Analysis Based on Henan Province, China

As new-energy electricity increasingly enters the post-subsidy era, traditional fixed feed-in tariffs and guaranteed purchase policies are not conducive to the optimal allocation of large-scale, high-proportion new-energy power due to the high pressure of subsidy funds and the fairness issues of power-generation grid connection. Encouraging new energy to participate in electricity market transactions is considered an effective solution. However, existing studies have presupposed the adverse effects of new energy in proposing market mechanism optimization designs for new-energy participation without quantitative results to support this, which is not conducive to a true assessment of the comprehensive impact of individual instances of new-energy participation in the market. To this end, this study, based on the actual experience and data cases of China’s electricity spot market pilot provinces, considers both unit commitment and economic dispatch in the electricity distribution process, and constructs a two-stage optimization model for electricity spot market clearing. According to the differences in grid connection time and the construction costs of new-energy power, differentiated proportions of new-energy participation in the market and bidding strategies are set. By analyzing the quantitative results of new energy participating in spot market transactions under multiple scenarios, using both typical daily data for normal loads and peak loads, the study provides theoretical support and a data basis for the optimized design of market mechanisms. The research results show that there is a non-linear relationship between the scale of new energy entering the market and its bidding strategies and market-clearing electricity prices. In the transition phase of the low-carbon transformation of the power sector, the impacts of thermal power technology with a certain generation capacity and changes in the relationship between power supply and demand on electricity prices are significant. From the perspective of the individual interests of new-energy providers, the analysis of their bidding strategies in the market is important.

The right to fair pay and two paradigms of prison work

Is the low level of wages paid to prisoners for their work morally wrong and contrary to the human right to fair pay? This article contrasts two paradigms of prison work, one in which it is an ordinary market transaction to which normal employment rights should apply, with the rival and dominant paradigm that prisoners do not have contracts for the performance of work and sums paid to them are not pay or remuneration but rather a small incentive to perform work in a diligent way. The article also considers what would be required for prisoners’ pay to comply with the human right to fair pay, which has been viewed in three different ways – the right to be a member of a trade union for the purpose of collective bargaining, the right to a living wage that enables a life of dignity, and the right to equal pay with others who perform similar work.

The Global Enclosure and the Remaking of Peasantries, 1870–1950

AbstractPeasant transformation has often been framed in dichotomous, linear, and predominantly a-historical models. This article adopts a dynamic perspective and shows how the developments that have often been regarded as constituent to the long-term process of the decline of agriculture and peasant worlds were in fact part of the spread of more diversified labour and income strategies of the peasantries. In the movement towards a worldwide enclosure of the rural worlds after 1870, a global peasantry emerged through a wide range of regional trajectories and narratives. By the first half of the twentieth century, peasant households all over the world had become heavily involved in the capitalist market economy. In this article, we argue that the (re)creation of peasantries as a social group is part of a diverse complex of reciprocal exchanges, regional and extra-regional market transactions, actions of public forces, and social conflict. Also we stress that social class formation should be understood in its specific world-historical co-ordinates using a particular set of transhistorical concepts like (re)peasantization, peasant frontiers, and peasant regimes.

A novel chaotic time series wind power point and interval prediction method based on data denoising strategy and improved coati optimization algorithm

Wind power prediction plays a pivotal role in increasing the power grid stability and mitigating market transaction risks. To enhance the prediction accuracy of wind power, this study presents a novel chaotic time series wind power point and interval prediction approach, focusing on data processing, as well as an improved coati optimization algorithm. First, the improved wavelet threshold denoising (IWTD) technique is constructed to eliminate the noise from the original wind power data. Then, the maximal information coefficient (MIC) is adopted to determine the optimal inputs of the prediction model. Subsequently, the improved coati optimization algorithm (ICOA) is developed to optimize the hyperparameters of the bidirectional long short-term memory (BiLSTM), deep belief network (DBN), and gated recurrent unit (GRU) models, along with the linear weight coefficients of the combined model, thereby enhancing the point prediction accuracy. Finally, kernel density estimation (KDE) is employed to obtain interval predictions for wind power with different confidence levels. Results show that the proposed prediction method effectively improves the prediction accuracy compared with other popular prediction models.

Index futures mispricing: a multi-regime approach to the NIFTY 50 Index futures

PurposeThis study investigates the mispricing dynamics of NIFTY 50 Index futures, drawing upon daily data spanning from January 2008 to July 2023.Design/methodology/approachThe study employs both a single regime analysis and a tri-regime model to understand the fluctuations in NIFTY 50 Index futures mispricing.FindingsThe study reveals a complex interplay between various market factors and mispricing, including forward-looking volatility (measured by the NIFVIX index), changes in open interest, underlying index return, futures volume, index volume and time to maturity. Additionally, the relationships are regime-dependent, specifically identifying the regime-dependent nature of the relationship between forward-looking volatility and mispricing, the impact of futures volume on mispricing, the effect of open interest on mispricing, the varying influence of index volume and the influence of time to maturity across the three distinct regimes.Practical implicationsThese findings offer valuable insights for policymakers and investors by providing a detailed understanding of futures market efficiency and potential arbitrage opportunities. The study emphasizes the importance of understanding market dynamics, transaction costs and timing, offering guidance to enhance market efficiency and capitalize on trading opportunities in the evolving Indian derivatives market.Originality/valueThe Vector Autoregression (VAR) and Threshold Vector Autoregression Regression (TVAR) models are deployed to disentangle the interrelationships between NIFTY 50 Index futures mispricing and related endogenous determinants.Research highlights (1)This study investigates the Nifty 50 Index futures mispricing across three distinct market regimes.(2)We highlight how factors like volatility, futures volume, and open interest vary in their impact.(3)The study employs vector auto-regressive and threshold vector auto-regressive models to explore the complex relationships influencing mispricing.(4)We provide valuable insights for investors and policymakers on improving market efficiency and identifying potential arbitrage opportunities.

Cancel the Deal? An Experimental Study on the Exploitation of Irrational Consumers

Consumers can sometimes be exploited because they make mistakes in their valuation of products. We present the results from a large-scale experimental study that examines whether third-party spectators from the general population in the United States cancel a voluntary deal where a buyer has made a mistake in the valuation of a product and agreed to pay more for the product than the seller knows it is worth. We find that the majority of the spectators cancel such deals, even when the seller’s involvement is limited to accepting a proposal made by the buyer. A substantial share of these spectators is also willing to fine the seller. However, a large minority of the spectators are willing to uphold the deal even when the seller has proposed the deal and obfuscated the information provided to the buyer. Our results shed new light on when people view market transactions as acceptable and their attitudes to government regulation of businesses. This paper was accepted by Axel Ockenfels, behavioral economics and decision analysis. Funding: This project was financed with support from the Norges Forskningsråd [Centres of Excellence Scheme Centre for Experimental Research on Fairness, Inequality and Rationality Project 262675 Grants 236995, 250415, 262636, and 302145]. The project also received funding from the European Research Council [the European Union’s Horizon 2020 Research and Innovation Programme Grant 788433]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.01050 .

Joint bidding strategy of multi‐virtual power plant operators

AbstractThe distributed generation of new energy can effectively use the local endemic clean new energy and provide green power. However, due to the small scale and scattered layout of distributed generation resources, it is difficult to participate in the economic dispatch of power systems and even the competition of the power market. Virtual Power Plant (VPP) can act as a carrier of Distributed Energy Resource (DER) to manage its internal energy, to carry out combined bidding in the day‐ahead energy market and the regulation market. When virtual power plants coordinate multiple distributed energy resources to participate in electricity market transactions, the degree of disclosure of their internal privacy information will produce different trading strategies. A Stackelberg game model between multiple virtual power plant aggregators and virtual power plant operators is constructed, and the Kriging model is combined to protect the privacy information in the transactions of virtual power plant operators. Energy management for distributed generation is carried out, and the profit situation of virtual power plant operators under different strategies is analyzed.

E-Commerce Liability to Consumers For the Sale of Black Market Products

The rapid expansion of e-commerce has significantly transformed consumer purchasing behaviors, but it has also given rise to the sale of black market goods through online platforms, raising critical concerns about consumer protection and regulatory oversight. This study investigates the responsibilities of e-commerce platforms regarding the sale of black market products and evaluates the effectiveness of legal and regulatory frameworks currently in place. Adopting a normative juridical research method, this study involves a thorough analysis of existing laws, regulations, and industry standards pertaining to e-commerce and black market transactions. By examining legal texts, regulatory guidelines, and case law, this research identifies gaps in the current legal framework and assesses its adequacy in addressing black market activities. The results indicate that while legal provisions exist, they are often insufficiently enforced and lack clarity in their application to emerging e-commerce practices. The study concludes that e-commerce platforms must advocate for stronger legal reforms and clearer regulations to enhance consumer protection. Additionally, improved transparency in platform policies and heightened regulatory scrutiny are necessary to better address the challenges posed by black market goods. Future research should explore the development of more comprehensive legal strategies and frameworks to effectively combat black market transactions in the digital realm.

Medium–Long-Term PV Output Forecasting Based on the Graph Attention Network with Amplitude-Aware Permutation Entropy

Medium–long-term photovoltaic (PV) output forecasting is of great significance to power grid planning, power market transactions, power dispatching operations, equipment maintenance and overhaul. However, PV output fluctuates greatly due to weather changes. Furthermore, it is frequently challenging to ensure the accuracy of forecasts for medium–long-term forecasting involving a long time span. In response to the above problems, this paper proposes a medium–long-term forecasting method for PV output based on amplitude-aware permutation entropy component reconstruction and the graph attention network. Firstly, the PV output sequence data are decomposed by ensemble empirical mode decomposition (EEMD), and the decomposed intrinsic mode function (IMF) subsequences are combined and reconstructed according to the amplitude-aware permutation entropy. Secondly, the graph node feature sequence is constructed from the reconstructed subsequences, and the mutual information of the node feature sequence is calculated to obtain the graph node adjacency matrix which is applied to generate a graph sequence. Thirdly, the graph attention network is utilized to forecast the graph sequence and separate the PV output forecasting results. Finally, an actual measurement system is used to experimentally verify the proposed method, and the outcomes indicate that the proposed method, which has certain promotion value, can improve the accuracy of medium–long-term forecasting of PV output.

Role of Indian power markets in energy transition

India's power sector is transforming rapidly, marked by rising demand and a growing share of renewables. The short-term power market provides option for power distribution utilities to meet demand exigency. The paper presents trends and perspectives of short-term electricity trading of select states of India. Market transactions reflect seasonal demand variations, higher during summer-monsoon months, dipping in winters. Analysis of data highlights substantial share of short-term power in the total procurement. Quantum of power traded correlates inversely with operational performance of thermal plants as well as grid share of renewable energy. Suggested policy measures include honing of demand forecasting skills using advanced metering infrastructure, deploying energy storage technologies, including decentralized solar, ensuring sustained supply of coal and preventive maintenance of thermal power plants, initiating seasonal procurement contracts with merchant power plants, encouraging power banking arrangements and including storage component in solar and wind tenders. Power markets, if employed appropriately, can help minimize the demand-supply gap, facilitate energy access, and accommodate higher quantum of green power, thus fulfilling SDG-7 targets.

A systematic literature review on environmental, agronomic, and socioeconomic factors for the integration of small-scale coffee producers into specialized markets in Oaxaca, Mexico

The coffee sector’s challenges, such as low and volatile prices, prompt adopting strategies focused on product differentiation, including high-quality specialty coffee. Nevertheless, documented evidence shows that small producers in Oaxaca, Mexico, are not equally benefiting from this market opportunity compared to other states in Mexico, such as Veracruz or Chiapas. This review article identifies and analyzes the factors in integrating small Oaxacan producers into the specialty market. A total of 138 scientific contributions were analyzed, emphasizing three thematic axes: (1) Trends and behavior of the coffee market. (2) Factors to enable the production of high-quality coffee, and (3) Current situation and challenges of small coffee producers in the specialized market. We found that coffee quality depends on the environment (mainly altitude, temperature, and geographical conditions) and agronomic, genetic, and socio-economic factors. Moreover, agronomic and genetic factors should focus on choosing coffee varieties suited to the environmental conditions of the farm and adopting innovations in production, harvest, and post-harvest processes. The most significant socio-economic factors that hinder small coffee producers’ participation in the specialized market include but are not limited to, lack of information, social connection, and financial resources. However, in the literature analyzed here, it was also possible to identify specific farmworker experiences that operate with a community approach and have inserted their small producers into high-quality market transactions. For this reason, this article suggests that the standardization model of quality from the collective approach within the community-based enterprise is a sustainable and inclusive alternative to achieve the goal: the insertion of small Oaxacan coffee producers into the more significant specialty market.

A game model based optimisation approach for generalised shared energy storage and integrated energy system trading

In the context of integrated energy systems, the synergy between generalised energy storage systems and integrated energy systems has significant benefits in dealing with multi-energy coupling and improving the flexibility of energy market transactions, and the characteristics of the multi-principal game in the integrated energy market are becoming more and more obvious, but it is difficult to improve the flexibility of the transactions between “source-load-storage” in a one-way master–slave game structure, and the problem of how to establish an optimisation strategy for the coordination of integrated energy systems and energy storage systems is an urgent issue. How to establish a coordinated optimisation strategy of integrated energy system and energy storage system is an urgent problem. Therefore, this paper proposes a generalised shared energy storage and integrated energy system transaction optimisation method based on a two-stage game model, which improves the flexibility of the system transaction by constructing a two-stage game energy transaction model in which the subject acts as a leader and a gamer. Compared with the current one-way game model that does not consider the game on the energy storage side, the coordinated optimisation method proposed in this paper enables the energy storage side to participate more actively in the scheduling, which improves its revenue by 20.6%, the revenue on the energy-using side by 6.3%, and the overall revenue of the system by 5.4%, and at the same time, the load demand response regulation effect is more obvious, so the energy scheduling strategy proposed in this paper is able to weigh the interests of each subject and increase the overall economic benefits of the system.

Photovoltaic sizing assessment for microgrid communities under load shifting constraints and endogenous electricity prices: A Stackelberg approach

Renewable energy resources are crucial for decarbonizing the energy sector. Distributed energy resources, such as renewable generation by microgrids, aid the transition to net-zero systems. As microgrids proliferate, renewable generation often exceeds self-supply capacities, necessitating either the sale of excess electricity or the implementation of demand-response strategies. The optimal approach for microgrids (selling or shifting demand) hinges on electricity prices. This article examines the interplay between microgrids, demand response, photovoltaic investments, and pricing mechanisms. A novel Stackelberg model is proposed to minimize microgrid investment and operational costs. The upper-level problem determines energy community investments and demand response levels based on electricity prices, while the lower-level problem addresses market dispatch and endogenous pricing for microgrids. Case studies with varying battery storage levels, demand response limits, and pricing mechanisms are conducted. The research results illustrate the responsiveness of market transactions to supply conditions and pricing. Key findings show that microgrid flexibility in demand response reduces grid dependency, prompting significant investments in solar energy and battery storage, driven by economic incentives, especially under spot market conditions. Investments in solar energy more than double when microgrids trade energy at spot prices compared to flat prices.

Research progress on accounting methods for domestic and international sulfur hexafluoride greenhouse gas emissions reduction

Abstract Sulfur hexafluoride (SF6) is a high-quality ultra-high voltage insulating dielectric material with unique insulation and arc-extinguishing properties, and is widely used in power companies. However, sulfur hexafluoride is the strongest known greenhouse gas and is extremely difficult to degrade, so its emissions into the atmosphere need to be strictly limited. In the process of carbon emission reduction, the first step is to conduct carbon accounting, and accounting methods for SF6 emissions at home and abroad are gradually being supplemented and improved. Although major breakthroughs have been made in various aspects of SF6 carbon accounting at home and abroad, there is a lack of comprehensive discussion of the current main progress. This article first summarizes the current process of SF6 carbon accounting under two major categories and four methods at home and abroad. After that, the boundaries of each category, quantification methods, and accounting methods under the four major methods were further compared in detail. Finally, the positive impact that these methods can bring to the company’s operations is analysed from the perspective of inventory reporting, certification application and domestic carbon market transaction profits. This article systematically explains the current research progress from the aspects of method classification, practical operation and final practical application, in order to provide theoretical support for further promoting new accounting methods in the future.

Framework design of distributed P2P2G energy transaction considering photovoltaic power and dispatch of manufacturing facilities

In this paper, a distributed peer-to-peer-to-grid (P2P2G) energy transaction framework considering photovoltaic generation and dispatch of manufacturing facilities is designed to increase the penetration of renewable energy resource. The factory with typical manufacturing assembly production task, photovoltaic panels and battery is regarded as a micro-grid (MG) to participate in the energy transaction market. The designed framework contains two levels. In the upper level, each MG determines the scheduling of manufacturing facilities and battery and the quantities of P2P2G energy transactions based on the given P2P energy transaction price and distribution locational marginal price (DLMP), in which the complex typical manufacturing assembly process is formulated as a kind of deferable load and the DLMP is updated according to the optimal power flow (OPF) of the network. In the lower level, peer-to-peer (P2P) energy transaction prices are updated by non-cooperative games and the homologous Rosen-Nash equilibrium points are obtained by using Nikaido-Isoda relaxation and alternating direction method of multipliers (ADMM) algorithm. The efficacy of the designed framework is demonstrated by a case study, and the results indicate the designed framework can improve the utilisation rate of renewable energy.

A Bi-Level Optimized Dispatching Method for Grids with High Penetration of New Energy Considering Ancillary Service Costs

To address the issue of high auxiliary service costs caused by the grid connection of new energy generation, a dual layer optimization scheduling method for high penetration new energy power grids is proposed, taking into account the auxiliary service costs of grid connection. The correlation between the output fluctuations and load fluctuations of new energy generation is analyzed, and a calculation model for auxiliary service costs caused by grid connection of new energy generation is established. Taking into account the timescale division requirements for grid energy trading and auxiliary service market transactions, a new high penetration energy grid two-level optimization scheduling model is established. The upper level scheduling model aims to minimize the sum of grid energy procurement costs and auxiliary service costs caused by new energy generation and completes the optimization scheduling of the grid for several hours. The lower level scheduling model aims to closely follow the upper level scheduling plan for new energy power plants/groups. Optimization and scheduling of the power grid for tens of minutes is completed, taking into account the balanced allocation of wind and solar losses among various power plants within the new energy power plant group. The simulation results show that the method proposed in this paper can reduce the energy transaction costs and auxiliary service transaction costs of the power grid during low and peak load periods.

Obstacles Faced by Blue Carbon Market Transactions and Legal Solutions

Obstacles Faced by Blue Carbon Market Transactions and Legal Solutions

Will the carbon emissions trading system promote enterprises' willingness to pay for carbon emission reduction?

AbstractThe emissions trading system (ETS) is one of the effective measures for energy conservation and emissions reduction, and the impact of the carbon ETS can be reflected in the willingness of enterprises to pay for carbon emissions reductions. However, there has been little research exploring the relationship between the two. Therefore, this study fills this knowledge gap by comprehensively investigating the influence of China carbon ETS policy (ETSP) on the willingness of enterprises to pay for carbon emissions reductions, and incorporates environmental awareness (EA), green technology innovation (GTI), and climate risk awareness (CRA) into the research model, thus constructing a new theoretical framework. Empirical analysis is conducted using the structural equation modeling method based on survey data from 478 Chinese enterprises. The results indicate that: (1) the China carbon ETSP can promote the willingness of enterprises to pay for carbon emissions reductions. (2) The China carbon ETSP can also promote the EA, GTI, and CRA of enterprises. (3) EA, GTI, and CRA can also promote the willingness of enterprises to pay for carbon emissions reductions. (4) Mediation effect analysis revealed that EA and CRA, respectively, play a mediating role in the influence process of the China carbon ETSP on the willingness of enterprises to pay for carbon emissions reductions. However, GTI does not have a mediating effect in this process. (5) Comparative mediation analysis found no significant differences in the mediating effects of EA and CRA. This study provides constructive practical recommendations for future carbon market mechanism construction and enterprise emission reduction policy formulation. It also offers guidance and reference for the behavioral decision‐making of enterprises in carbon market transactions, and carries practical significance and policy advocacy value.

Blockchain technology embedded in the power battery for echelon recycling selection under the mechanism of traceability

This paper examines the use of blockchain technology in power battery echelon recycling. The technology helps to improve battery capacity identification and market transaction trust. The study focuses on power battery manufacturers and recycling participants. Two recycling modes are constructed using the Stackelberg game method, and the optimal decision-making of the participating subjects in the two modes of power battery echelon recycling under the embedding of blockchain technology is compared. The influence of each parameter on the optimal decision-making is analyzed. The research findings indicate that the degree of blockchain technology integration rises as the preference coefficient for traceability information increases. When recycling competition is intense and the sensitivity of recycling prices is low, the optimal recycling model for the number of spent power batteries (SPBs) to be recycled is the model in which echelon utilizers do not participate in recycling if the level of cost optimization coefficient embedded in blockchain technology is high, otherwise, it is the model in which echelon utilizers participate in recycling. The profit of power battery manufacturers and echelon utilizers decreases with the increase of the intensity of power battery recycling competition, the cost optimization coefficient of echelon utilizers and the cost optimization coefficient of manufacturers.

Shaping the future of work: how labour market intermediaries (LMIs) use institutional work to transition to triadic, project-based employment relationships

PurposeThis paper identifies how the operations of labour market intermediaries (LMIs) transform dyadic employment relationships into triadic ones. It reveals the change dynamics that LMIs engage in to bring about this transformation and that contribute to the projectification of work.Design/methodology/approachDrawing on an institutional-work lens and using interview data from both TempX, a German-based staffing service provider, and its client organizations, the analytical framework details the dynamics by which LMIs appropriate various HR tasks and different labour-market-organizing roles and thus create these triadic employment relationships.FindingsTempX assumes a powerful position between its client organizations and workers by increasingly taking over HR tasks from its client organizations, alternating between profiting from market transactions and engaging as a buyer and seller of labour. This powerful position, gradually created through four distinct, sequential, institutional work dynamics, allows it to transform dyadic employment relationships into triadic ones and to promote project-based work.Originality/valueBy showing how LMIs capitalize on the multiple services they offer, and how they use these services to establish a powerful position in both the labour market and in their relations with client organizations, this paper contributes to research on how LMIs change their institutional environment. Second, by showing that LMIs switch between different labour-market organizing roles and HR tasks, this paper reveals how essential this switching is for LMIs to establish triadic employment relationships and to drive the projectification of work, and thus it also contributes to research on LMIs’ role in the projectification of work.