Using a linear complementarity approach, we simulate the Japanese wholesale electricity market as a transmission-constrained Cournot market. Following Hobbs (2001), our model adopts the Cournot assumption in the energy market and the Bertrand assumption in the transmission market. The Bertrand assumption means that generators consider transmission charges as being exogenous, which can be interp...

In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricit...

The integration of markets may improve efficiency by lowering costs or reducing local market power. India, seeking to reduce electricity shortages, recently set up a market for power trade, in which transmission constraints bind nearly half the time, limiting competition between regions and raising prices by forty percent. I use confidential data on bidding to estimate the costs of electricity ...

The integration of markets may improve efficiency by lowering costs or reducing local market power. India, seeking to reduce electricity shortages, set up a new power market, in which transmission constraints sharply limit trade between regions. During congested hours, measures competitiveness fall and firms raise bid prices. I use confidential bidding data estimate the supply simulate outcomes...

This paper evaluates changes in electricity generation costs caused by the introduction of market mechanisms to determine production United States. I use staggered transition markets from 1999 2012 estimate causal impact liberalization using a differences-in-difference design on comprehensive hourly panel demand, generators’ costs, capacities, and output. find that reduce 5 percent reallocating...

Small viral potassium (K+) channels represent with less than 100 amino acids (aa) per monomer the pore module of every K+ channel. The combination small size and robust function makes them ideal model systems to investigate basic structure/function correlations in channel pores. In prototype KcvPBCV-1 second TM helix ends C-terminus which last aa L94 plays an important role gating. A salt bridg...

I examine the Coasean independence property in a large multinational cap-and-trade scheme for greenhouse gas emissions, EU Emissions Trading System. analyze whether emissions of power producers are independent from allowance allocations by leveraging change allocation policy difference-in-difference strategy. The evidence suggests that holds overall and larger emitters firms respond to loss inc...

The paper studies bidder behavior in simultaneous, continuous, ascending price auctions. We design and implement a ‘‘collusion incubator’’ environment based on a type of public, symmetrically ‘‘folded’’ and ‘‘item-aligned’’ preferences. Tacit collusion develops quickly and reliably within the environment. Once tacit collusion developed, it proved remarkably robust to institutional changes that ...

This paper contributes to characterizing the probability density of the price returns in some European day-ahead electricity markets (NordPool, APX, Powernext) by fitting some flexible and general families of distributions, such as the α-stable, Normal Inverse Gaussian (NIG), Exponential Power (EP), and Asymmetric Exponential Power (AEP), and comparing their goodness of fit. The α-stable and th...

This paper reviews the recent experience of the UK electricity distribution sector under incentive regulation. The UK has a significant and transparent history in implementing incentive regulation in the period since 1990. We demonstrate the successes of this period in reducing costs, prices and energy losses while maintaining quality of service. We also draw out the lessons for other countries...