A review on market power in deregulated electricity market

► Indices to measure market power are brought under single platform. ► Different visualizing aids and software tools on market power are discussed. ► Market power in terms of reactive power and strategies in adapting market policies are reviewed. ► Application of Game theory in analyzing market power by various authors are presented. ► Paper is about market power which reflects monopoly behavior against deregulated electricity market. The concept of market power has gained its importance after the electric power industry started a process of transition and restructuring since early 1990s or so. In this competitive electricity market, the operational and the physical constraints of the network possess major threat to the market by the generation companies in exercising its market power. This paper presents a comprehensive review on market power with various indices which were used in market power analysis and the evolution of research and development in the field of market power. The literature work presented in this paper has been divided into various sections to facilitate the upcoming researchers who carry out their research in the area of market power under various environments.