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A proposed market power monitoring model for restructuring electricity markets

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3 Author(s)
Yu, Z. ; SUFG/IIES, Purdue Univ., West Lafayette, IN, USA ; Gachiri Nderitu, D. ; Sparrow, F.T.

This paper presents a market power monitoring model for electricity markets. It is a social welfare maximization model subject to nonnegative short-term profit constraints. Traditional economics claims that market power exists whenever the price is above the corresponding marginal cost. However, this paper argues that a generator cannot be considered to be exercising any market power if it earns zero profit considering only variable cost

Published in:

Power Engineering Review, IEEE  (Volume:20 ,  Issue: 7 )