Generators supplying electricity markets are subject to volatile input and output prices and uncertain fuel availability. Price-risk may be hedged to a considerable extent but fuel-risk - water flows in the case of hydro and gas availability in the case of thermal plants - may not be. We show...

Lewis Evans, at a half day seminar presented, Measuring and developing the performance of New Zealand's power market in September 2003. A more detailed paper by Kevin Counsell and Lewis Evans entitled Day-Ahead Electricity Markets: Is there a Place for a Day-Ahead Market in the NZEM is available...

Kevin Counsel and Professor Lewis Evans presented Struggling Upstream: Efficient Water Allocation on the Waitaki River and Elsewhere in Wellington and Auckland in July 2004.

In the last decade politicians from across the political spectrum have talked about 'transforming' New Zealand from an economy focused on land-based industries to an economy focused on investment in technology-based and high-value-added industries by promoting investment in and retaining New...

In this paper we explain the operation and design of day-ahead markets in an electricity market. Day-ahead markets complement real-time markets which must be run to ensure balance in the system and offer a number of benefits to electricity market participants. We argue that in the context of the...

In this book we consider the tradeable property rights framework as a method of allocating water. Our objectives are to explain why such an approach can improve aspects of New Zealand's current water allocation framework to establish the appropriate set of institutional arrangements for a...

This supplement published in March of 2004 discusses:Aspects of a water allocation framework Valuing water in a water market Water allocation under the Waitaki billHow the Waitaki bill fits a desirable framework