This paper represents a complete survey on Generation Companies’ (GenCos’) optimal bidding strategy problem in restructured power markets. In this regard after an introduction to competitive electricity markets, concept of optimal bidding strategy is presented. Considering large amount of works accomplished in this area a novel classification is implemented in order to categorize the existing d...

with the development of deregulated power systems and increase of prices in some hours of day and increase fuel price, demand response programs were noticed more by customers. demand response consists of a series of activities that governments or utilities design to change the amount or time of electric energy consumption, to achieve better social welfare or some times for maximizing the benefi...

There is a general agreement since Allaz-Vila’s seminal contribution that forward contracts mitigate market power on the spot market. This result is widely quoted and elaborated in studies of restructured power markets where it is generally believed that generators tend to exploit the special characteristics of this industry in order to extract higher prices. Allaz-Vila established their result...

Transformation of the monopolistic electric industry into a competitive and free market system is underscored by the wide price variation of electricity. To address price variation, the Federal Energy Regulatory Commission has proposed the development of fair competition in the wholesale power market as a first step toward full deregulation of the industry. This paper will discuss the steps tha...

This paper reports on research being conducted by a combination of economists and electrical engineers at Cornell University who are examining potential auction institutions for restructured markets for electric power. As it is a report on developing results and analysis, the discussion remains general throughout. The research follows two related but independent strands. The first looks at the ...