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Electricity market equilibrium model not only helps independent system operator/regulator analyze market performance and market power, but also provides market participants the ability to build optimal bidding strategies based on microeconomics analysis. Supply Function Equilibrium (SFE) is attractive compared to traditional models and many efforts have been made on it before. However, most past research focused on a single-period, single-market model and did not address the fact that generation companies hold a portfolio of assets in both electricity and fuel markets. This paper identifies a proper SFE model, which can be applied to a multiple-period situation. Then the paper develops the equilibrium condition using discrete time optimal control considering fuel resource constraints.