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Market Power Issues in Bid-Based Hydrothermal Dispatch

Author

Listed:
  • Luiz Barroso
  • Márcia Fampa
  • Rafael Kelman
  • Mario Pereira
  • Priscila Lino

Abstract

The objective of this work is to investigate market power issues in bid-based hydrothermal scheduling. Initially, market power was simulated with a single stage Cournot–Nash equilibrium model. In this static model the equilibrium was calculated analytically. It was shown that the total production of N strategic agents is smaller than the least-cost solution by a factor of (N/(N+1)). Market power analysis for multiple stages was then carried through a stochastic dynamic programming scheme, where the decision in each stage and state is the Cournot–Nash equilibrium of a multi-agent game. Case studies with data taken from the Brazilian system are presented. Copyright Kluwer Academic Publishers 2002

Suggested Citation

  • Luiz Barroso & Márcia Fampa & Rafael Kelman & Mario Pereira & Priscila Lino, 2002. "Market Power Issues in Bid-Based Hydrothermal Dispatch," Annals of Operations Research, Springer, vol. 117(1), pages 247-270, November.
    • Handle: RePEc:spr:annopr:v:117:y:2002:i:1:p:247-270:10.1023/a:1021537910823
    DOI: 10.1023/A:1021537910823
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    Cited by:

    1. Rangel, Luiz Fernando, 2008. "Competition policy and regulation in hydro-dominated electricity markets," Energy Policy, Elsevier, vol. 36(4), pages 1292-1302, April.

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