The Power TAC is a competition-based simulation of an electricity market. The goal of the competition is to test retailer (broker) strategies in a competitive environment. Participants create broker agents that trade electricity. In this paper we describe our broker, which we created as a participant of the 2014 Power TAC competition. We describe the strategies for two main components of the ga...

The purpose of this Essay is threefold. First, to describe the Italian reform in electricity markets, comparing the models of liberalization and privatization followed by the Italian legislator with the British and French experiences. Second, to analyze the structure of the Italian electricity industry, which arose from the reform, and to study its effects in terms of increased competition from...

Utilities participating in deregulated markets observe increasing uncertainty in load (i.e., demand for electric power) and prices for fuel and electricity on spot and contract markets. This study proposes a new formulation of the unit commitment problem of electric power generators in a restructured electricity market. Under these conditions, an electric power generation company will have the ...

Historically, the primary barrier to greater competition in the electricity industry has been the vertical integration of most firms. Control of the transmission grid can advantage some competitors at the expense of others. In electricity markets around the world, policymakers have attempted to solve this problem through the creation of independent ‘gridcos’ or ‘system operators’ that either ow...

In the context of the recent electricity market reforms in Europe and the US, we evaluate the performance of the Spanish pool. Our method is not based on price-cost estimates but rather on the different behavior of generators with higher market power as compared to the behavior of more competitive producers. Our results indicate that the two larger operators in the market are able to increase p...

Restructuring of electrical market worldwide has brought the issue of market competition to the forefront. This new perspective has given rise to competition with the goal of price fall and technological innovation in the sector. In the last few years a great deal of attention is given to the possibility of a group of producers (agents) exercising market power by means of congestion effects. Th...

Electricity restructuring o®ers the potential for more e±cient production and investment, but may create the opportunity for producers to exercise market power. Oligopolists may cause deadweight loss in wholesale electricity markets, even when demand is perfectly inelastic, by inducing cross̄rm production ine±ciencies. This study estimates the environmental implications of production ine±ciencie...

The paper considers mechanisms for organizing free trade in the electricity market that are based on submitting bids of energy consumers and producers to the market operator. The authors discuss and compare possible strategies of generator behavior that lead to different equilibrium situations and correspond to Cournot model and the models of supply function equilibria, and a perfectly competit...

due to uncertain nature of wind and photovoltaic power units, the participation of this units in electricity markets is subjected to significant deviation penalties. this issue leads to despondency or even admission of these units in the competitive environment. with regard to this fact that the low deviations are available when predictions are performed in a short-term horizon and also distrib...