To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. In response, the Fe...

Since electricity, and its reliable provision on command, is a multi-attribute commodity, it should be priced over multiple dimensions if it is to be provided efficiently, and that requires multiple but related markets. So far New York is the only domestic electricity market that has introduced separate segments for ancillary services, together with eleven locationally defined markets for energ...

As the electricity industry in California undergoes a process of fundamental restructuring, important new products and markets will be created while others will lose signi cance. In this paper, we make an initial survey of the products and markets that will be prominent in the emerging new electricity industry. We describe approaches to analyzing the prospects for, and the impacts of, market po...

wind power generation is variable and uncertain. in the power systems with high penetration of wind power, determination of equivalent operating reserve is the main concern of systems operator. in this paper, a model is proposed to determine operating reserves in simultaneous market clearing of energy and reserve by stochastic programming based on scenarios generated via monte carlo simulation ...

This paper proposes a bi-level optimization framework to investigate the optimal market operation strategies of price-maker battery energy storage systems (BESSs) in real-time energy, spinning reserve, and pay as performance regulation markets, with special focus on understanding BESS’s excessive participation observed by several system operators impact degradation cost BESS activities. An accu...

This paper addresses the impact market conditions on bank deposit interest rates. Examining data for 1988-2000, we find that rates are affected by market size structure (defined as the distribution of market shares of banks of different sizes whether or not the market share is achieved entirely in that local market). This is in addition to the effects of market concentration noted in earlier wo...

In power systems that are restructured on the basis of system reliability or the costs, various methods can be employed for allocating the spinning reserve to various generating units. This paper firstly describes two methods for allocation of reserve power: (1) a cost-based method; (2) a reliability-based method. Secondly, presents a combined method that simultaneously considers both reliabili...

In this paper a novel approach for sequential bidding on day-ahead auction markets for spot energy and power systems reserve is presented. For the spot market a relatively simple method is considered as a competitive market is assumed. For the reserve market one bidder is assumed to behave strategically and the behavior of the competitors is summarized in a probability distribution of the marke...