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Services
Translation, Editing/proofreading
Expertise
Specializes in:
Science (general)
Physics
Mechanics / Mech Engineering
Poetry & Literature
Journalism
General / Conversation / Greetings / Letters
Finance (general)
Engineering (general)
Energy / Power Generation
Economics
Rates
General rate: 0.1 EUR per word / 33.54 EUR per hour
Portfolio
Sample translations submitted: 1
Spanish to English: Burning issues for the Spanish Power market General field: Tech/Engineering Detailed field: Energy / Power Generation
Source text - Spanish El mercado mayorista ha
funcionado de forma
competitiva
Desde su puesta en marcha en enero de
1998, el mercado mayorista de la
electricidad (el “pool”) ha funcionado de
forma competitiva:
• El mercado proporcionó en su
momento las señales de precio que
incentivaron una entrada de potencia
de ciclos combinados que ha permitido
satisfacer la demanda con índices de
cobertura superiores al 1,1.
• Esta adecuada señal precio ha
propiciado la entrada de nuevos
agentes, como se demuestra por el
descenso de la concentración
horizontal del mercado de generación
hasta alcanzar en niveles inferiores a
la media europea. En 2010 la cuota
sumada de los tres primeros agentes
está por debajo del 55% del mercado
total de generación. Esta tendencia se
produce de igual forma en el mercado
de generación en régimen ordinario,
donde ha tenido lugar la entrada de
nuevos agentes como Gas Natural
(antes de su fusión con Unión Fenosa),
Electrabel, AES, Global 3 o
recientemente ALPIQ con la
adquisición de una central de ciclo
combinado a Gas Natural Fenosa
(Figura 14). En 2010 ningún operador
ha tenido la condición de pivotal, es
decir, en ninguna hora del año ha
existido un agente cuya generación
fuera indispensable para garantizar la
cobertura de la demanda.
• El mercado eléctrico español ha
mantenido históricamente precios
competitivos para el cliente final en
comparación con otros mercados
europeos (Figura 15).
• Ha sido la herramienta de integración
del Mercado Ibérico de la Electricidad
que se puso en marcha a partir de
2007. Los resultados de esta integración son evidentes: mientras
que en el segundo semestre de 2007 el
diferencial medio de precios entre el
sistema eléctrico portugués y español
era de 10 Euros/MWh, esta diferencia
bajó a 0,3 Euros/MWh en 2010, con
más de un 80% de las horas en las que
los precios fueron idénticos en ambos
lados de la frontera.
El mercado de la
electricidad varía en cada
momento
A la hora de analizar el mercado de
producción de electricidad no se pueden
pasar por alto determinadas
características singulares de la
electricidad y sus importantes
implicaciones en el correcto
funcionamiento de los mercados.
La electricidad no es un producto
almacenable, lo cual implica que en cada
momento es necesario que la producción
y el consumo se igualen. Además, se
requiere que exista capacidad
excedentaria capaz de soportar las
fuertes variaciones de la demanda y la
volatilidad de la generación (tanto por la
variabilidad y no previsibilidad de las
energías renovables, como por las
indisponibilidades sobrevenidas de los
generadores en general).
El funcionamiento del mercado
mayorista viene determinado en cada
momento por la estructura del mix de
generación, por la capacidad de
importación, por el mallado imperfecto
de la red, por la inelasticidad de la
demanda y por el margen de reserva del
sistema. El diseño de las reglas de
mercado puede hacer que el
funcionamiento del mismo sea algo más
o menos eficiente, pero en ningún caso
puede compensar desviaciones
significativas en los parámetros
anteriores.
El mercado debe
proporcionar señales a la
inversión y a la demanda
El precio de mercado debe proporcionar
señales adecuadas para la inversión. Una
señal adecuada de precio a largo plazo
debería contribuir a mitigar el impacto de
los ciclos que alternan periodos de
escasez de generación, precios elevados y
riesgo para la garantía de suministro, con
otros de sobrecapacidad, precios bajos e
incertidumbre sobre la recuperación de
las inversiones.
De la misma forma, el precio de mercado
debe proporcionar la información
suficiente para que los clientes puedan
tomar sus decisiones de consumo a corto
y largo plazo. Adicionalmente, se deben
arbitrar los procedimientos para que los
clientes puedan participar de una manera
efectiva y eficiente en el mercado.
Translation - English The wholesale market has worked competitively
The wholesale power market, or pool, has worked competitively since it started up in 1998.
• In its day, the market provided price signals that encouraged an inflow of combined-cycle plants which has allowed demand to be covered by factors of more than 1.1. This appropriate price signal has made for the advent of new players as shown by a decrease in the horizontal concentration of the generating market to below the European average. In 2010, the joint market quota of the three top players was below 55% of the total generating marlet. This trend has been matched in the (non-subsidised) ordinary regime market which has seen the entry of new players like Gas Natural (before its merger with Unión Fenosa) , Electrabel, AES, Global 3 or recently, ALPIQ, following its acquisition of a combined-cycle plant from Gas Natural Fenosa (Figure 14).
• In 2010, no market operator has been pivotal i.e. at no hour in the year has there been a player whose generation capacity has been indispensable for guaranteeing coverage of demand.
• The Spanish power market has historically sustained prices that have been competitive for end-users in comparison with other European markets (Figure 15)
• It has been the tool for integrating the Iberian Electricity Market which started up in 2007. The outcome of this integration is evident: whereas in the second half of 2007 the average spread between the Portuguese and Spanish power systems was 10 euros/MWh, it fell to 0.3 euros/MWh in 2010, when prices were identical on both sides of the border for more than 80% of hours that year.
.
The power market varies from moment to moment
When it comes to analysing the power production market, certain particular features of electricity and their important implications for the proper working of markets cannot be overlooked. Electricity cannot be stored, which implies that production and consumption must be matched at each moment. Furthermore, excess capacity is required that is capable of dealing with wide variations in demand and volatility in generation (due as much to the variability and unpredictability of renewable energy sources, as to the sudden lack of availability of generators in general). The functioning of the wholesale market is determined at each moment by the make-up of the generation “mix”, by the import capacity, by the imperfect power grid, by demand inelasticity and by the system’s reserve margin. Designing market rules may make its working more or less efficient, but can in no way offset wide variations from pre-set parameters.
The market must provide signals for investment and demand
The market price must provide appropriate investment signals. An appropriate long-term signal should soften the impact of alternating cycles of periods of generation shortages, high prices and risks in guaranteeing supply, with other periods of overcapacity, low prices and uncertainty over recouping investment.
By the same token, the market price must provide enough information to enable clients to take short- and long-term consumption decisions. In addition, procedures need to be overseen whereby clients may participate effectively and efficiently in the market.
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Experience
Years of experience: 33. Registered at ProZ.com: Oct 2012.
• Translated hundreds of mainly economic and financial articles from Spanish and Portuguese into English to the demanding standards of Reuters news agency, with whom I worked for 16 years.
• Critical acclaim for literary translations in New York Times and Publishers Weekly.
• Translated three books from Spanish for publication in USA.
• “The translation is superb”, Publishers Weekly.
• Penguin USA editor praised translation.
• 18 months’ full-time experience as translator in Mexican stockbroker.
Portfolio