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Energy is electricity that flows through a metered point for a given period and is measured in megawatt-hours (MWh).
Markets for energy-related commodities trade net generation output for a number of intervals usually in increments of 5, 15 and 60 minutes.
These markets developed as a result of the restructuring of electric power systems around the world.
This process has often gone on in parallel with the restructuring of natural gas markets.
One early introduction of energy market concepts and privatization to electric power systems took place in Chile in the early 1980s, in parallel with other market-oriented reforms associated with the Chicago Boys.
Transactions were relatively few and generally scheduled well in advance.The three major categories of energy for electricity generation are fossil fuels (coal, natural gas, and petroleum), nuclear energy, and renewable energy sources. Natural gas is used in steam turbines and gas turbines to generate electricity. Most electricity is generated with steam turbines using fossil fuels, nuclear, biomass, geothermal, and solar thermal energy. About a dozen states decided to deregulate but some pulled back following the California electricity crisis of 20.In different deregulation processes the institutions and market designs were often very different but many of the underlying concepts were the same.