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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Switching price؟

Definition 7.7 Markets III: Commodities, Energy and Crypto · الفصل 7 — Emissions and Environmental Markets

The coal-to-gas switching price is the allowance price at which a given gas plant and a given coal plant have the same marginal cost:

PCO2⋆=Pgas/ηg−Pcoal/ηcec/ηc−eg/ηg.P^{\star}_{\mathrm{CO_2}} = \frac{P_{\mathrm{gas}}/\eta_g - P_{\mathrm{coal}}/\eta_c}{e_c/\eta_c - e_g/\eta_g}.
Clean spreads of the plants of against the allowance price, with power at 100\, EUR/ MWh. Coal’s spread falls 2.3 times as fast; the lines cross at the switching price. Data: the chapter’s tutorial.
Figure 7.3. Clean spreads of the plants of Example 7.8 against the allowance price, with power at 100 EUR/MWh100\,\mathrm{EUR}/\mathrm{MWh}. Coal’s spread falls 2.3 times as fast; the lines cross at the switching price. Data: the chapter’s tutorial.
The allowance price that makes the gas and coal plants of equal, as the gas price varies with coal at 12\, EUR/ MWh. Data: the chapter’s tutorial.
Figure 7.4. The allowance price that makes the gas and coal plants of Example 7.8 equal, as the gas price varies with coal at 12 EUR/MWh12\,\mathrm{EUR}/\mathrm{MWh}. Data: the chapter’s tutorial.

أمثلة

Example 7.8 (Where gas beats coal)

With gas at 35 EUR/MWh35\,\mathrm{EUR}/\mathrm{MWh} of fuel, coal at 12 12\,, efficiencies of 55% and 40%, and emission factors of 0.202 and 0.341 tonnes per MWh of fuel (illustrative round numbers), a MWh of electricity emits 0.367 t from gas and 0.853 t from coal, and the switching price is 69.32 EUR/t69.32\,\mathrm{EUR}/\mathrm{t}. At 70 EUR/t70\,\mathrm{EUR}/\mathrm{t} and power at 100 EUR/MWh100\,\mathrm{EUR}/\mathrm{MWh} the clean spark spread is 10.65 10.65\, and the clean dark spread 10.32 EUR/MWh10.32\,\mathrm{EUR}/\mathrm{MWh}: gas is just ahead.

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