Alternative models of restructured electricity systems: part 1 the case with no market power

Yves Smeers

Different equilibrium concepts have been proposed by various authors (Schweppe et al, Hogan, Chao and Peck, Wu et al) to analyse competitive electricity systems. We establish correspondences between these different models though a single framework and provide additional interpretations of these equilibrium concepts. Besides providing a unifying conceptual view, this framework also allows for a computationally feasible approach to simulate the market. It also opens the way to the modelling of some imperfect markets.