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A general model of long-term equilibrium in energy only electricity markets that allows for generation additions and retirements is developed. The model is then applied with different assumptions regarding generator behaviors. The distribution of electricity prices, reliability of supply, and overall CO2 emissions at equilibrium are analytically found for fully competitive markets with and without inflexible generation. A method to determine long-term equilibrium in markets with a mix of competitive and inflexible generators and a strategic supplier is proposed and illustrated.