Abstract and Keywords
Power from electricity is so fundamental to a modern economy that it is commonly viewed as a necessity rather than an optional commodity or service. Electric power is undifferentiated and available nearly constantly, but the diversity of its applications enables some differentiation of retail products and prices via conditions of delivery such as time, location, and reliability, and similar differentiation occurs in wholesale markets. This article begins with a background on the electric power industry. It then discusses pricing in wholesale markets, pricing in retail markets, theory of electricity pricing, and factors affecting the evolution of electricity pricing.
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