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Alternative Models of Restructured Electricity Systems, Part 1: No Market Power

Center for Operations Research and Econometrics, Université Catholique de Louvain, 34 Voie du Roman Pays, 1348 Louvain-La-Neuve, Belgium
Center for Operations Research and Econometrics, Université Catholique de Louvain, 34 Voie du Roman Pays, 1348 Louvain-La-Neuve, Belgium

Different equilibrium concepts have been proposed by various authors (Schweppe et al., Hogan et al., Chao and Peck, Wu et al.) to analyse competitive electricity systems. We establish correspondences between these different models through a single framework and provide additional interpretations of these equilibrium concepts. This unifying conceptual view also provides a computationally feasible approach to simulate the market. It also opens the way to the modeling of some imperfect markets.

Subject classifications: Economics: equilibrium models of restructured electricity systems; Electric industries: equivalence between restructuring models; Complementary programming: models of restructured electricity systems.
History: Received June 1999; revision received January 2000; revision received July 2000; accepted August 2000.