English, Article, Journal or magazine article edition: ISO Net Surplus Extraction in Restructured Wholesale Power Markets Li, Hongyan; Tesfatsion, Leigh S.

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • ISO Net Surplus Extraction in Restructured Wholesale Power Markets
Author
  • Li, Hongyan
  • Tesfatsion, Leigh S.
Physical Description
  • preprint
Notes
  • This study uses an agent-based test bed to systematically explore the net surplus (congestion rents) accruing to non-profit independent system operators (ISOs) in restructured wholesale power markets with grid congestion managed by locational marginal pricing. A key finding is that ISO net surplus can be extremely large, particularly in circumstances in which price sensitivity of demand is low and generation companies learn to tacitly collude on strategic supply offers resulting in higher costs. A practical implication is that ``monitoring of the monitors" is desirable because locational marginal pricing does not align ISO financial incentives with ISO fiduciary responsibilities for efficient market operation. Related work can be found at: http:/​/​www.econ.iastate.edu/​tesfatsi/​AMESMarketHome.htm
  • Restructured wholesale power markets, ISO net surplus (congestion rents), multi-agent learning, demand-bid price sensitivity, AMES Wholesale Power Market Test Bed
  • RePEc:isu:genres:13092
Language
  • English
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