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What kind of system ist the earth?
open system
How to trade electricity?
OTC
+ flexible conditions
- not transparent
- high TAC
energy exchanges (trading on public platform)
+ standardized products
+ prices & volumes published
+ low TAC
Is coal market a competitive market?
1)
- relatively large number of suppliers
- large number of steel mills, electricity firms
2)
- number of different types of coal
- markets for types of coal might be large enough
3)
- only be mined when reserves
- sunk investment costs (esp. for surface mines)
- enough mines to come close to that condition
=> perfect conditions not entirely met but closer to perfect competition than oligopoly
What is Crude Oil?
- different types of carbon
- normally liquid
- composition differs between reservoirs
...
What makes electricity special?
- transmitted by grids
-> only if network is available
-> if supply & demand deviate too much -> collapse
- not storable
-> only small amount by batteries
- d & s need to be equal
- technically homogeneous
- hard to substitute
3 types of systems in thermodynamics?
- open system
- closed system
- isolated system
Important for membership of OPEC
- need to be exporter
- must be accepted by 3/4 of members & founding members
Which are the most important applications of coal?
- electricity generation (main use)
- steel production
- coal liquefation
- cement production
What are environmental damages due to coal mining & combustion?
- CO2 emissions: methane emissions from mines
- other air emissions: Mercury, uranium
- destruction of landscapes & ecosystems
- heath hazards for workers
- collapsing mines
- coal seam fires
Other important factors that define competitive market:
- property rights: +
- externalities: -
-> not free from externalities (damage of environment, emissions...)
The German Transmission grid is run by which companies?
- Tennet
- Commerz Real
- Elia
- EnBW
What is the incentive regulation
- price cap (based on firms cost, past prices...)
- more complex
- Germany
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