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Equilibrium Predictions in Wholesale Electricity Markets

Author

Listed:
  • Talat S. Genc

    (Department of Economics,University of Guelph)

  • Pierre-Olivier Pineau

Abstract

We review supply function equilibrium models and their predictions on market outcomes in the wholesale electricity auctions. We discuss how observable market characteristics such as capacity constraints, number of power suppliers, load distribution and auction format affect the behavior of suppliers and performance of the market. We specifically focus on the possible market power exerted by pivotal suppliers and the comparison between discriminatory and uniform-price auctions. We also describe capacity investment behavior of electricity producers in the restructured industry.

Suggested Citation

  • Talat S. Genc & Pierre-Olivier Pineau, 2010. "Equilibrium Predictions in Wholesale Electricity Markets," Working Papers 1015, University of Guelph, Department of Economics and Finance.
    • Handle: RePEc:gue:guelph:2010-15.
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    File URL: http://www.uoguelph.ca/economics/sites/uoguelph.ca.economics/files/2010-15.pdf
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    Cited by:

    1. Genc, Talat S., 2017. "The impact of lead time on capital investments," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 142-164.
    2. Genc, Talat S., 2016. "Measuring demand responses to wholesale electricity prices using market power indices," Energy Economics, Elsevier, vol. 56(C), pages 247-260.

    More about this item

    Keywords

    Electricity markets; Supply function equilibrium; Markov perfect equilibrium; electricity auctions; pivotal suppliers; capacity investment.;
    All these keywords.

    JEL classification:

    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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