1. Proceedings
  2. I3M
  3. 2019
  4. SESDE
  5. 10.46354/i3m.2019.sesde.002

Electricity supplier selection by a household in the Czech Republic in 2017 and 2018 – Monte Carlo simulation approach

  • a Martina Kuncova 
  • a Faculty of Informatics and Statistics, Dpt. Of Econometrics, University of Economics Prague, Czech Republic
Cite as
Kuncova M. (2019). Electricity supplier selection by a household in the Czech Republic in 2017 and 2018 – Monte Carlo simulation approach. Proceedings of the 7th International Workshop on Simulation for Energy, Sustainable Development & Environment (SESDE 2019), pp. 7-14. DOI: https://doi.org/10.46354/i3m.2019.sesde.002

Abstract

The situation on the electricity retail market in the Czech Republic is not clear because of the number of suppliers and its products. Although the information about the prices for the electricity consumption for households is available on the web and each household can change the supplier nearly with no extra effort and cost, households are still often not familiar with the individual price items of the products. In this article the analysis of the Czech electricity market from the distribution rate D25d point of view is made for the years 2017-2018 when the household annual consumption is simulated via Monte Carlo simulation model. The aim of this paper is to select such a supplier and product that minimizes the total costs of the electricity for a household for the selected distribution rate and compare it with the results from the previous years.

References

  1. Boltz, W. 2013. The Challenges of Electricity Market Regulation in the European Union. In. Sioshansi, F.P., eds. Evolution of Global Electricity Markets. Elsevier Inc. 199-224.
  2. Brandimarte, P., 2014. Handbook in Monte Carlo Simulation – Applications in Financial Engineering, Risk Management, and Economics. USA, John Willey & Sons
  3. ERU - Energy Regulatory Office, 2019. Price calculator. Available from: http://kalkulator.eru.cz/VstupniUdaje.aspx [accessed 26 March 2019]
  4. ERU – Energy Regulatory Office, 2016. Yearly Report on the Operation of the Czech Electricity Grid. Available from: https: //www.eru.cz/documents/10540/462820/Annual_report_electricity_2016.pdf/bfbc88b7-a814- 498f-99bf-98b50148c805 [accessed 26 March 2019].
  5. Eurostat, 2019a. Consumption-electricity-sector. Available from: https://ec.europa.eu/eurostat/statisticsexplained/index.php?title=File:Consumptionelectricity-
    sector-GWh-EU-28-1990-2016.PNG [accessed 26 March 2019].
  6. Eurostat, 2019b. Electricity production, consumption and market overview. Available from:
    https://ec.europa.eu/eurostat/statisticsexplained/index.php/Electricity_production,_consumptin_and_market_overview#Household_electricity_consumption [accessed 26 March 2019].
  7. Hegazy, Y.G., Salama, M.M.A. and Chickhani, A.Y.:Adequacy assessment of distributed generation systems using Monte Carlo Simulation. Power Systems - IEEE Transactions 18/1 (2003), 48-52.
  8. Karanfil, F. and Li, Y. 2015. Electricity consumption and economic growth: Exploring panel-specific differences. Energy Policy, 82, 264-277.
  9. Kuncova, M, 2016. Analysis of the Electricity Market from the Perspective of Products Offered to Households in the Tariff Rate D25d in Period 2011-2016. ACC Journal, XXII/2, 45–56. Available from: http://accern.tul.cz/images/journal/sbornik/ACC_JOURNA L_2016_B.pdf [accessed 10 April 2019].
  10. Kuncova, M., 2015. Methods for the Electricity Supplier Selection - Case Study of the Czech Republic. International Journal of Mathematical Models and Methods in Applied Sciences, 9, 714-720.
  11. Kuncova, M., Lizalova, L. 2012. Monte Carlo simulation – the bank account selection in the Czech Republic according to the bank charges. Proceedings of the International Conference on Modeling and Applied Simulation (MAS). Wien, 2012, 153-161.
  12. Kuncova, M., Seknickova, J. 2014. Analysis of the efficiency of the electricity supplier selection depending upon the price changes. Proceedings of the Conference Mathematical Methods in Economics pp. 542-547. September 10-12, Olomouc (Czech Republic).
  13. Kuncova, M., Seknickova, J. 2015. Monte Carlo simulation used for the electricity supplier selection. Proceedings of the 14th International Conference on Modeling and Applied Simulation (MAS), pp. 105-109. September 21-23, Bergeggi (Italy).
  14. Newbery, D. 2013. Evolution of the British Electricity Market and the Role of Policy for the Low-Carbon Future. In. Sioshansi, F.P., eds. Evolution of Global Electricity Markets. Elsevier Inc. 3-30..
  15. Oracle Crystal Ball 2019. Crystal Ball. Available from: https://www.oracle.com/cz/applications/crystalball [accessed 7 July 2019]
  16. OTE – Market operator, 2018. Statistics – changes of suppliers. Available from: https://www.otecr.cz/cs/statistika/mesicni-zprava-elektrina/zmenydodavatele?date=2018-01-01 [accessed 26 March 2019]
  17. Razgaitis, R. 2003. Dealmaking Using Real Options and Monte Carlo Analysis. John Willey & Sons, New Jersey, 2003.
  18. Turban , E., Meredith, J., R., 1994. Fundamentals of Management science. 6th ed. USA, Richard D.Irwin Inc.
  19. Ventosa, M., Baíllo, Á., Ramos, A. and Rivier, M. 2005. Electricity Markets modeling trends, Energy Policy 33, 897–913.
  20. Vlcek, T., Cernoch, F. 2013. The Energy Sector and Energy Policy of the Czech Republic. Massaryk University 2013. Available from: https://is.muni.cz/repo/1130969/The_Energy_Sect
    or_and_Energy_Policy_of_the_Czech_Republic__Vlcek__T._-_Cernoch__F.__2013_.pdf [accessed 7 July 2019]