Dear colleagues,

The Department of Economics cordially invites you to the WU Economic Research Seminar (Department Seminar) on Wednesday, April 3, with

Anette Boom

(Copenhagen Business School)

on

"Real-time Pricing in Power Markets: Who Gains?"

Abstract: We examine welfare effects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with final consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power. In the Bertrand case, welfare is the same with all or no consumers on smart meters.

Time and place: Wednesday, April 3, 4.30 – 6.00 p.m., Campus WU, Welthandelsplatz 1, 1020 Vienna, building D4, entrance A, 2^nd floor, Department meeting room 2.008.

With best regards,

Harald Oberhofer

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Univ.-Prof. Dr. Harald Oberhofer

Institute for International Economics

WU Vienna University of Economics and Business

Phone: +43/1/31336-4984

Fax: +43/1/31336-4984

Email: harald.oberhofer@wu.ac.at

Webpage: https://www.wu.ac.at/ie/mitarbeiter/harald-oberhofer/

Austrian Institute of Economic Research (WIFO)

Phone: +43/1/7982601-468

Fax: +43/1/7989386

Email: harald.oberhofer@wifo.ac.at

Webpage: http://www.wifo.ac.at/harald_oberhofer