To date, a number of electricity markets have deregulated, relying on market forces to set prices. The results thus far are mixed. Therefore, policy makers must rely on ex ante analyses of the market power potential for generation owners. Recently, policy makers in the Wisconsin and Upper Michigan (WUMS) electricity market have contemplated deregulation. In this paper, we examine the ability of...

Electricity Market from economic, regulatory and engineering perspective is a very demanding system to control .There is requirement of provision of cost efficiency, lower impact of environment alongwith maintenance of security of supply for use of competition and regulation in the electricity market. Many countries due to failure of its system for adequately management of electricity companies...

Heat pumps (HP) and electric immersion boilers (EB) have great potential to increase flexibility in energy systems. In parallel, decreasing taxes on electricity-based heat production are creating a more favorable economic environment for the deployment of these units in Denmark. In this paper, the economic value of heat pumps and electric boilers is assessed by simulating their day-to-day marke...

Short-term resource adequacy is the ability of a system with a set of given resources to meet the load over the short term. In the aftermath of the 2000–2001 California crisis, focus on resource adequacy has come to the forefront of market design issues. Various approaches, such as capacity requirements, capacity payments and financial options requirements, have been proposed to ensure resource...

Stochastic programming deals with a class of optimization models and algorithms in which some of the data may be subject to signi cant uncertainty. Such models are appropriate when data evolve over time and decisions need to be made prior to observing the entire data stream. For instance, investment decisions in portfolio planning problems must be implemented before stock performance can be obs...

A short-term electricity market coordinated by a system operator provides a foundation for a competitive electricity market. In this setting, transmission congestion contracts are equivalent to perfectly tradeable physical transmission rights. With such contracts to allocate transmission benefits, it would be possible to rely more on market forces, partly if not completely, to drive transmissio...

An important objective of electricity suppliers is to maximize their profits over a planning horizon and comply with the market rules. This objective requires suppliers to learn from their bidding experience and behave in an anticipatory way. With volatile Locational Marginal Prices (LMPs), ever-changing transmission grid conditions, and incomplete information about other market participants, d...

The bilateral spot electricity market is very complicated because all generation units and demands must strategically bid in this market. Considering renewable resource penetration, the high variability and the non-dispatchable nature of these intermittent resources make it more difficult to model and simulate the dynamic bidding process and the equilibrium in the bilateral spot electricity mar...