The electricity market game |
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Authors: | Stephen E Spear |
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Institution: | GSIA, Carnegie Mellon University, Pittsburgh, PA 15213, USA |
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Abstract: | This paper examines the effects of imperfect competition in unregulated electricity markets from a general equilibrium perspective, and demonstrates that horizontal market power can explain both the large peak-period price spikes observed recently in California and elsewhere, and the marked reduction in addition to capacity that have also occurred during the transition to competitive markets. |
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