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Incentive based energy market design

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  • Muratore, Gabriella
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    Abstract

    Current energy market designs and pricing schemes fail to give investors the appropriate market signals. In particular, energy prices are not high enough to attract investors to build new or maintain existing power capacity. In this paper we propose a method to compute second-best Pareto optimal equilibrium prices for any market exhibiting non-convexities and, based on this result, an energy market design able to restore the correct energy price signals for supply investors.

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    Bibliographic Info

    Article provided by Elsevier in its journal European Journal of Operational Research.

    Volume (Year): 213 (2011)
    Issue (Month): 2 (September)
    Pages: 422-429

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    Handle: RePEc:eee:ejores:v:213:y:2011:i:2:p:422-429

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    Web page: http://www.elsevier.com/locate/eor

    Related research

    Keywords: Economics Energy market design Equilibria;

    References

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    1. Paul Joskow & Jean Tirole, 2004. "Reliability and Competitive Electricity Markets," Working Papers 0408, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
    2. Peter Cramton & Steven Stoft, 2006. "The Convergence of Market Designs for Adequate Generating Capacity," Papers of Peter Cramton 06mdfra, University of Maryland, Department of Economics - Peter Cramton, revised 2006.
    3. repec:reg:wpaper:152 is not listed on IDEAS
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    Cited by:
    1. Ensthaler, Ludwig & Giebe, Thomas, 2014. "Bayesian optimal knapsack procurement," European Journal of Operational Research, Elsevier, vol. 234(3), pages 774-779.

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