Two-settlement Systems for Electricity Markets under Network Uncertainty and Market Power*

@inproceedings{Kamat2004TwosettlementSF,
  title={Two-settlement Systems for Electricity Markets under Network Uncertainty and Market Power*},
  author={Rajnish Kamat and Shmuel S. Oren},
  year={2004}
}
We analyze welfare and distributional properties of a two-settlement system consisting of a spot market over a two-node network and a single energy forward contract. We formulate and analyze several models which simulate joint dispatch of energy and transmission resources coordinated by a system operator. The spot market is subject to network uncertainty, which we model as a random capacity derating of an important transmission line. Using a duopoly model, we show that even for small… CONTINUE READING
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