An empirical method of dynamic oligopoly behavior analysis in electricity markets
Evidence of market power existing in the electricity markets has been empirically revealed, but the understanding of the market structure and generation companies' (GENCOs') strategic behaviors underlying the market power is far from satisfactory. This paper presents a theory and method fo...
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| Veröffentlicht in: | IEEE transactions on power systems 2006-05, Vol.21 (2), p.499-506 |
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| container_title | IEEE transactions on power systems |
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| creator | Liu, J.D. Lie, T.T. Lo, K.L. |
| description | Evidence of market power existing in the electricity markets has been empirically revealed, but the understanding of the market structure and generation companies' (GENCOs') strategic behaviors underlying the market power is far from satisfactory. This paper presents a theory and method for estimating the conjectural variations of GENCOs. Based on these estimates of conjectural variations in an actual electricity market, an empirical methodology is also proposed to analyze the dynamic oligopoly behaviors underlying market power. This is not only useful for system regulators to analyze the market structure but also to recognize and control the market power accordingly. The Australia National Electricity Market is used as the simulation case to test the proposed method. |
| doi_str_mv | 10.1109/TPWRS.2006.873054 |
| format | Article |
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This paper presents a theory and method for estimating the conjectural variations of GENCOs. Based on these estimates of conjectural variations in an actual electricity market, an empirical methodology is also proposed to analyze the dynamic oligopoly behaviors underlying market power. This is not only useful for system regulators to analyze the market structure but also to recognize and control the market power accordingly. 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(IEEE) 2006</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c355t-a31224b75caee88fcbf51d5d7f3b642d73b2fdedbe8a1744895a182830072a4c3</citedby><cites>FETCH-LOGICAL-c355t-a31224b75caee88fcbf51d5d7f3b642d73b2fdedbe8a1744895a182830072a4c3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://ieeexplore.ieee.org/document/1626352$$EHTML$$P50$$Gieee$$H</linktohtml><link.rule.ids>314,776,780,792,27903,27904,54737</link.rule.ids><linktorsrc>$$Uhttps://ieeexplore.ieee.org/document/1626352$$EView_record_in_IEEE$$FView_record_in_$$GIEEE</linktorsrc></links><search><creatorcontrib>Liu, J.D.</creatorcontrib><creatorcontrib>Lie, T.T.</creatorcontrib><creatorcontrib>Lo, K.L.</creatorcontrib><title>An empirical method of dynamic oligopoly behavior analysis in electricity markets</title><title>IEEE transactions on power systems</title><addtitle>TPWRS</addtitle><description>Evidence of market power existing in the electricity markets has been empirically revealed, but the understanding of the market structure and generation companies' (GENCOs') strategic behaviors underlying the market power is far from satisfactory. This paper presents a theory and method for estimating the conjectural variations of GENCOs. Based on these estimates of conjectural variations in an actual electricity market, an empirical methodology is also proposed to analyze the dynamic oligopoly behaviors underlying market power. This is not only useful for system regulators to analyze the market structure but also to recognize and control the market power accordingly. The Australia National Electricity Market is used as the simulation case to test the proposed method.</description><subject>Australia</subject><subject>Conjectural variation</subject><subject>Consumer electronics</subject><subject>Costs</subject><subject>Dynamic tests</subject><subject>Dynamical systems</subject><subject>Dynamics</subject><subject>Electric power generation</subject><subject>Electricity</subject><subject>electricity market</subject><subject>Electricity supply industry</subject><subject>Electricity supply industry deregulation</subject><subject>Empirical analysis</subject><subject>Investments</subject><subject>market power</subject><subject>Markets</subject><subject>Oligopoly</subject><subject>Power generation</subject><subject>Power markets</subject><subject>Regulators</subject><issn>0885-8950</issn><issn>1558-0679</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><sourceid>RIE</sourceid><recordid>eNp9kctKxDAUhoMoOI4-gLgJLnTVMZemSZeDeIMBbyMuS5qeOhnbpjYdoW9vxgqCC1dncb7v5xx-hI4pmVFK0ovlw-vT84wRksyU5ETEO2hChVARSWS6iyZEKRGpVJB9dOD9mgQwLCbocd5gqFvbWaMrXEO_cgV2JS6GRtfWYFfZN9e6asA5rPSndR3Wja4Gbz22Qa3A9MG1_YBr3b1D7w_RXqkrD0c_c4perq-Wl7fR4v7m7nK-iAwXoo80p4zFuRRGAyhVmrwUtBCFLHmexKyQPGdlAUUOSlMZx-F2TRVTnBDJdGz4FJ2PuW3nPjbg-6y23kBV6QbcxmcqTRiRXKWBPPuXZIrENIlVAE__gGu36cK7IS0RiktCeIDoCJnOed9BmbWdDb8PGSXZtovsu4ts20U2dhGck9GxAPDLJyzhgvEvt7mGDA</recordid><startdate>20060501</startdate><enddate>20060501</enddate><creator>Liu, J.D.</creator><creator>Lie, T.T.</creator><creator>Lo, K.L.</creator><general>IEEE</general><general>The Institute of Electrical and Electronics Engineers, Inc. (IEEE)</general><scope>97E</scope><scope>RIA</scope><scope>RIE</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7SP</scope><scope>7TB</scope><scope>8FD</scope><scope>FR3</scope><scope>KR7</scope><scope>L7M</scope><scope>F28</scope></search><sort><creationdate>20060501</creationdate><title>An empirical method of dynamic oligopoly behavior analysis in electricity markets</title><author>Liu, J.D. ; Lie, T.T. ; Lo, K.L.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c355t-a31224b75caee88fcbf51d5d7f3b642d73b2fdedbe8a1744895a182830072a4c3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Australia</topic><topic>Conjectural variation</topic><topic>Consumer electronics</topic><topic>Costs</topic><topic>Dynamic tests</topic><topic>Dynamical systems</topic><topic>Dynamics</topic><topic>Electric power generation</topic><topic>Electricity</topic><topic>electricity market</topic><topic>Electricity supply industry</topic><topic>Electricity supply industry deregulation</topic><topic>Empirical analysis</topic><topic>Investments</topic><topic>market power</topic><topic>Markets</topic><topic>Oligopoly</topic><topic>Power generation</topic><topic>Power markets</topic><topic>Regulators</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Liu, J.D.</creatorcontrib><creatorcontrib>Lie, T.T.</creatorcontrib><creatorcontrib>Lo, K.L.</creatorcontrib><collection>IEEE All-Society Periodicals Package (ASPP) 2005-present</collection><collection>IEEE All-Society Periodicals Package (ASPP) 1998-Present</collection><collection>IEEE Electronic Library (IEL)</collection><collection>CrossRef</collection><collection>Electronics & Communications Abstracts</collection><collection>Mechanical & Transportation Engineering Abstracts</collection><collection>Technology Research Database</collection><collection>Engineering Research Database</collection><collection>Civil Engineering Abstracts</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>ANTE: Abstracts in New Technology & Engineering</collection><jtitle>IEEE transactions on power systems</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext_linktorsrc</fulltext></delivery><addata><au>Liu, J.D.</au><au>Lie, T.T.</au><au>Lo, K.L.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>An empirical method of dynamic oligopoly behavior analysis in electricity markets</atitle><jtitle>IEEE transactions on power systems</jtitle><stitle>TPWRS</stitle><date>2006-05-01</date><risdate>2006</risdate><volume>21</volume><issue>2</issue><spage>499</spage><epage>506</epage><pages>499-506</pages><issn>0885-8950</issn><eissn>1558-0679</eissn><coden>ITPSEG</coden><abstract>Evidence of market power existing in the electricity markets has been empirically revealed, but the understanding of the market structure and generation companies' (GENCOs') strategic behaviors underlying the market power is far from satisfactory. This paper presents a theory and method for estimating the conjectural variations of GENCOs. Based on these estimates of conjectural variations in an actual electricity market, an empirical methodology is also proposed to analyze the dynamic oligopoly behaviors underlying market power. This is not only useful for system regulators to analyze the market structure but also to recognize and control the market power accordingly. The Australia National Electricity Market is used as the simulation case to test the proposed method.</abstract><cop>New York</cop><pub>IEEE</pub><doi>10.1109/TPWRS.2006.873054</doi><tpages>8</tpages></addata></record> |
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| ispartof | IEEE transactions on power systems, 2006-05, Vol.21 (2), p.499-506 |
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| source | IEEE Electronic Library (IEL) |
| subjects | Australia Conjectural variation Consumer electronics Costs Dynamic tests Dynamical systems Dynamics Electric power generation Electricity electricity market Electricity supply industry Electricity supply industry deregulation Empirical analysis Investments market power Markets Oligopoly Power generation Power markets Regulators |
| title | An empirical method of dynamic oligopoly behavior analysis in electricity markets |
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