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27 August 2009
Power Markets and Economics:
"energy costs, trading and emissions"
By: Barrie Murray, This long awaited book is perhaps unique in attempting to describe and provide comprehensive analysis of the world energy market environment. The book’s author Barrie Murray has provided an in depth expert investigation of the various models of energy market reform that have been adopted throughout the world, together with some useful insights into how well such reforms have succeeded in meeting their original objectives and ongoing events. In addition, the author examines the new development challenges that face consumer, markets and policy makers in various countries, which arise from climate change, economic conditions and technological developments. The book is divided into four digestible sections. The first provides a background briefing into the reasons why countries initially sought to reform their domestic energy sectors. Barrie examines the various models adopted by developed and developing nations. He enquires into how successful such adopted solutions have been in meeting the challenges that emerged. In addition, this section provides an outline of the market, their respective roles and the market mechanisms, together with how demand and capacity restraints impact on the final market price. The second section describes how power generation costs are calculated and how the impact of plant utilization, fuel prices emission trading schemes and EU directives can have on both conventional and alternative generation costs. There are some useful cost comparison case studies between nuclear and other energy technologies. In addition, there is an international comparison of the impact on end user prices that demand and supply will have on transmission and distribution as it applies to the European experience. It is clear from reading this book that many of the environmental targets set by the green movement will have substantial negative impact on Europe’s energy sector and on its power users. It is not surprising that Europe’s politicians are having to adopt a more politically and economically achievable course, less harmful to their economies. The third section provides a detailed examination into the intricacies of energy market structures, capacity, regulation domestic and international energy trading and investment. However the comparisons between the Single European Electricity Market and that of Southern Africa will make for noteworthy reading for investors, operators and policy makers alike. Though this section is focused on the electricity markets, many readers will find this section useful in understanding the market dealings in the European oil and gas sectors. However, the fourth section raises many of the concerns that are likely to face the industry worldwide in the future. Barrie Murray suggests that investment, in alternative energy generation is likely to gather pace, while he foresees nuclear energy being the largest contributor by fuel type by 2050. Another beneficiary of investment is likely to be continued expansion of the coal and gas sectors as new discoveries and technologies are implemented to meet tougher environmental targets. This book is written from an engineer’s viewpoint; though many readers would have appreciated a greater emphasis within the book concerning the impact of vital geopolitical and energy security issues on the energy sector. Overall, this is a remarkable book which provides essential data for any informed discussion of this vital problem that is so often dominated by ill-informed debate. Many future students of this complicated topic would appreciate if the publisher provided this book in downloadable e-book and audio book formats. A book review by Nicholas Newman - 27 August 2009 Back to Top ### -------------------------------------------------------------------------------- ISBN: 978-0-470-77966-8 Hardcover 324 pages February 2009 £60.00 / €72.00 Note: This book will be available as an e-book from www.wiley.com on the 18th September 2009 for £60.00. | ||
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