In the last decade the electric energy market as changed is structure in several countries, mainly in the most developed, ones where the regulated activity of electrical companies where a monopoly or an oligopoly of all sectors from generation to the distribution. Changes brought new structures and new markets. The first market is between the generation plants and the wholesalers. The second ma...

The authors ran a game-based simulation of an electric market with both an RPS and a cap-and-trade market greenhouse gas emissions allowances. High renewable energy shares reduced and shifted the output of therm units and pushed down both electricity and carbon pric The markets for renewable energy, carbon allowances, a spot and forward electricity interacted in complex wa that are relevant to ...

In recent years increasing shares of renewable energy sources (RES) have changed the usual pattern of electricity markets especially in Western Europe remarkably. Due to this, currently, the development of electricity markets respectively the whole electricity system is at a crucial crossing. On the one hand, the way to a sustainable electricity system based mainly on RES could be paved in the ...

The paper deals with the Supply Function Equilibrium (SFE) as a model of competition in electricity markets. It introduces theoretical advancement through relaxing traditional assumptions of continuity of supply functions and provides a foundation for efficient computational algorithms. Special emphasis is placed on exploring the existence of equilibria and on the players’ ability to learn subj...

A long-standing issue with centrally committed electricity markets is the design of non-confiscatory and equilibrium-supporting prices. This is because the social planner’s problem in such a market is a non-convex unit commitment. O’Neill et al. (2005) propose a pricing scheme that overcomes these issues for any market that can be formulated as a mixed-integer linear program. Moreover, claims a...

Modelling price formation in electricity markets is a notoriously difficult process, due to physical constraints on electricity generation and flow. This difficulty has inspired the recent development of bottom-up agent-based models of electricity markets. While these have proven quite successful in small models, few authors have attempted any validation of their model against real-world data i...

a r t i c l e i n f o Pricing rules in wholesale electricity markets are usually classified around two major groups, namely linear (aka non-discriminatory) and non-linear (aka discriminatory). As well known, the major difference lies on the way non-convexities are considered in the computation of market prices. According to the classical marginal pricing theories, the resulting market prices ar...