Growing concern about climate change is heightening the need for power systems to be able to operate cost-effectively with high levels of wind energy penetration. In a restructured electricity industry such as in Australia, commercial, regulatory and technical challenges must be solved in an integrated and compatible manner. The Australian National Electricity Market has a number of features th...

The electricity market is a very peculiar market due to the large variety of phenomena that can affect the spot price. However, this market still shows many typical features of other speculative (commodity) markets like, for instance, data clustering and mean reversion. We apply the diffusion entropy analysis (DEA) to the Nordic spot electricity market (Nord Pool). We study the waiting time sta...

• Its geographical market definition accounts only for a factor that is no longer relevant and for none of the factors that matter in a competitive market. • Its use of uncommitted-shares registers more market power when the market itself is more competitive and less market power when it is less competitive. Thus it often reads in reverse the impact of the market on the applicant. • It takes no...

The assessment of capacity credits for wind energy and the value interpretation is reviewed critically. It is shown that the electricity market values the contribution to system reliability with market prices in a more precise way. This requires that markets for ancillary services exist and are based on price spike incentives given by the regulator. Price signals sent out by markets to investor...

This paper introduced the application of game theory in electricity power market. Moreover, the electricity pool model and the merit order dispatch method was introduced. In pool mode, participants are trying to maximize their benefit via competition with each other. Hence the market can be regarded as a non-cooperative game, especially, the electrical supply competition. Players (generators) c...

This paper derives revenue-maximising and risk-constrained strategies for stochastic generators participating in electricity markets with a single-price balancing mechanism. The solution to this problem requires forecasts of multiple processes: the participant’s energy production, day-ahead and balancing electricity prices, and the system length. By formulating the problem from a probabilistic ...

This paper examines the incentives to exercise market power that generators would face and the different strategies that they would follow if all electricity supplies in Chile were traded in an hourly-unregulated spot market. The industry is modeled as a Cournot duopoly with a competitive fringe; particular care is given to the hydro scheduling decision. Quantitative simulations of the strategi...

Market power assessment is a prime concern when designing a deregulated electricity market. In this paper, we propose a new functional market power measure, termed transmission constrained network flow TCNF , that takes into account an AC model of the network. The measure unifies three large classes of long-term transmission constrained market power indices in the literature: residual supply ba...

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...