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The ISO market design has evolved over time using traditions development, economic theory, power system operations heuristics and operational experience. Early market design made simplifying assumptions and approximations often due to the inability to solve the more detailed design. Complicating features in market design such as reactive power, unit commitment, switching of transmission assets, renewable...
The aim of the present paper is that of assessing the role of the transmission system in a liberalized electricity market, pointing out that the presence of transmission capacity limits may influence the market outcomes and above all it may make profitable a strategic behaviour rather than a competitive one by one or more producers. From this point of view, the transmission system development becomes...
In the present work, the problem of energy market price clearing and generation company (Genco) strategic bidding is considered in the framework of existing day-ahead markets with system marginal price auction. The situation of imperfect competition arising when one of the Gencos is large enough to exert market power is considered in detail, showing what bidding behaviors are to be expected when such...
This paper deals with a systematic way for modelling and visualising market power in liberalised electricity markets. The paper first introduces a new index termed the “Nodal Market Power” index, the NMP index. The NMP index is calculated based on the concept of “social welfare” in economics and the game theory in applied mathematics. The oligopoly electricity market is modelled through a non-cooperative...
Fixed demands for electricity are incorporated into a game theoretic model of strategic generators who are supplied by a fuel transportation network and produce power for a congested electricity transportation network governed by an independent system operator. Some counter-intuitive effects on measures of market power result from reducing the proportion of demands that are fixed rather than price-sensitive...
In this panel session paper, we discuss the interaction of market power in electricity markets, market power mitigation procedures in place in various independent system operators in North America, particularly in the context of transmission constraints, and the efficiency of the markets.
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