Estimating the Customer-Level Demand for Electricity Under Real-Time Market Prices

By Robert H. Patrick, F. Wolak. 2001

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Real Time Pricing and Electricity Markets (2009, background): “I model that they have linear16 demand functions with an aggregate short-term slope of M = 0:5 MW/($/MWh); this value is intended to approximate the results in Patrick and Wolak (2001).”
Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market (2002, background): “Patrick and Wolak (1997) estimate the within-day priceresponsiveness of industrial and commercial customers facing real-time half-hourly energy prices in the England and Wales electricity market.”
A Model for Efficient Consumer Pricing Schemes in Electricity Markets (2007, background): “Patrick and Wolak [17] estimated some significant demand response for electricity by large- and medium-sized industrial and commercial customers purchasing electricity according to the half-hourly real-time price from the England & Wales electricity market.”
The Long-Run Efficiency of Real-Time Electricity Pricing (2005, background): “Probably the two most current and relevant sources for elasticity estimates, Patrick and Wolak (1997) and Braithwait and O’Sheasy (2002), derive estimates that span this range.”
Rethinking Real Time Electricity Pricing (2011, background): “A number of utilities have some large commercial and industrial customers on RTP, and such programs have been analyzed in Patrick and Wolak (2001), Boisvert, et al, (2001), Herriges, et al, (1993), Taylor, Schwarz, and Cochell (2005), and other work.”