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Market Power Assessment and Mitigation in Hydrothermal Systems

Author

Listed:
  • Rafael Kelman

    (PSR)

  • Luiz Barroso

    (PSR)

  • Mario Pereira

    (PSR)

Abstract

The objective of this work is to investigate market power issues in bid- based hydrothermal scheduling. Initially, market power is simulated with a single stage Nash-Cournot equilibrium model. Market power assessment for multiple stages is then carried through a stochastic dynamic programming scheme. The decision in each stage and state is the equilibrium of a multi-agent game. Thereafter, mitigation measures, specially bilateral contracts, are investigated. Case studies with data taken from the Brazilian system are presented and discussed.

Suggested Citation

  • Rafael Kelman & Luiz Barroso & Mario Pereira, 2005. "Market Power Assessment and Mitigation in Hydrothermal Systems," Game Theory and Information 0508009, EconWPA.
  • Handle: RePEc:wpa:wuwpga:0508009 Note: Type of Document - pdf; pages: 6
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    File URL: http://econwpa.repec.org/eps/game/papers/0508/0508009.pdf
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    References listed on IDEAS

    as
    1. Severin Borenstein & James Bushnell & Christopher R. Knittel, 1999. "Market Power in Electricity Markets: Beyond Concentration Measures," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 65-88.
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    Cited by:

    1. Ventosa, Mariano & Baillo, Alvaro & Ramos, Andres & Rivier, Michel, 2005. "Electricity market modeling trends," Energy Policy, Elsevier, vol. 33(7), pages 897-913, May.
    2. Guido Tapia Carpio, Lucio & Olimpio Pereira, Amaro Jr, 2006. "Independent operation by subsystems: Strategic behavior for the Brazilian electricity sector," Energy Policy, Elsevier, vol. 34(17), pages 2964-2976, November.
    3. Rangel, Luiz Fernando, 2008. "Competition policy and regulation in hydro-dominated electricity markets," Energy Policy, Elsevier, vol. 36(4), pages 1292-1302, April.
    4. Victor Moutinho & António Carrizo Moreira & Jorge H. Mota, 2015. "Measuring the Simultaneous Quantity Game in OMEL Spot Electricity Market," International Journal of Energy Economics and Policy, Econjournals, vol. 5(1), pages 305-320.
    5. Komain Jiranyakul, 2015. "Oil Price Volatility and Real Effective Exchange Rate: The Case of Thailand," International Journal of Energy Economics and Policy, Econjournals, vol. 5(2), pages 574-579.
    6. Hugh Rudnick & Juan-Pablo Montero, 2002. "Second Generation Electricity Reforms in Latin America and the California Paradigm," Journal of Industry, Competition and Trade, Springer, vol. 2(1), pages 159-172, June.
    7. Chuntian Cheng & Fu Chen & Gang Li & Qiyu Tu, 2016. "Market Equilibrium and Impact of Market Mechanism Parameters on the Electricity Price in Yunnan’s Electricity Market," Energies, MDPI, Open Access Journal, vol. 9(6), pages 1-17, June.
    8. Moutinho, Victor & Moreira, António C. & Mota, Jorge, 2014. "Do regulatory mechanisms promote competition and mitigate market power? Evidence from Spanish electricity market," Energy Policy, Elsevier, vol. 68(C), pages 403-412.

    More about this item

    Keywords

    Game theory; Hydroelectric-thermal power generation; Power generation economics;

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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