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A note on the uniqueness of Nash–Cournot equilibria in an oligopolistic energy market with renewable generation and demand uncertainty

Author

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  • Chaiken, Benjamin
  • Duggan, Joseph E.

Abstract

This work explores the uniqueness of Nash–Cournot equilibria in wholesale electricity markets with both thermal and renewable generation in the presence of demand uncertainty. Criteria guaranteeing a unique equilibrium are derived for an energy market where each firm owns a share of renewable generation. This work expands upon the uniqueness results proven by Lagerlöf (2006) to incorporate the presence of renewable generation into the market in the manner of Acemoglu et al. (2017). A numerical case study is used to illustrate the potential impacts of increasing renewable generation on equilibrium uniqueness and directions for future research are discussed.

Suggested Citation

  • Chaiken, Benjamin & Duggan, Joseph E., 2024. "A note on the uniqueness of Nash–Cournot equilibria in an oligopolistic energy market with renewable generation and demand uncertainty," Energy Economics, Elsevier, vol. 138(C).
    • Handle: RePEc:eee:eneeco:v:138:y:2024:i:c:s0140988324005577
    DOI: 10.1016/j.eneco.2024.107849
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    Keywords

    Nash–Cournot equilibrium; Electricity market design; Renewable generation; Uncertainty;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices

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