Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
1/ A market is defined by the transactions entered into.

So the electricity market consists of the sum of all electricity transactions.

These may be one to one (Peer to Peer): one to many; many to many and so on.

In the electricity "market" there are "sub-markets": including a wholesale market (entered into on specific wholesalemarket terms) and a pretty fragmented retail market. There is competition (sometimes) between wholesale distributors, and retail customers may buy at an agreed price from distributors for an agreed period.

There is typically no homogeneous "market price". Whatever the price a buyer has agreed for his physical supply, he would - if the supplier is a member of the Pool I propose - be able to pay in fiat currency, in Units, or in anything else acceptable to the seller. (eg Tesco Points).

2/ Fiat currencies are backed by the power of the State to collect taxes.

The State is one of a chain of credit intermediaries, and like all intermediaries, redundant. The State as a facilitator and service provider is another issue.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Jul 15th, 2009 at 04:52:22 AM EST
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