Electricity Market Design: The Good, the Bad, and the Ugly
"Electricity Market Design: The Good, the Bad, and the Ugly," Proceedings of the Hawaii International Conference on System Sciences, January, 2003.
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This paper examines principles of market design as applied to electricity markets. I illustrate the principles with examples of both good and bad designs. I discuss one of the main design challenges—dealing with market power. I then discuss FERC’s choice of a standard market design.