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A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets

Bose, Subhonmesh and Wu, Chenye and Xu, Yunjian and Wierman, Adam and Mohsenian-Rad, Hamed (2015) A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets. IEEE Transactions on Power Systems, 30 (5). pp. 2338-2348. ISSN 0885-8950. doi:10.1109/TPWRS.2014.2360216.

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Market power assessment is a prime concern when designing a deregulated electricity market. In this paper, we propose a new functional market power measure, termed transmission constrained network flow (TCNF), that unifies three large classes of transmission constrained structural market power indices in the literature: residual supply based, network flow based, and minimal generation based. Furthermore, it is suitable for demand-response and renewable integration and hence more amenable to identifying market power in the future smart grid. The measure is defined abstractly, and allows incorporation of power flow equations in multiple ways; we investigate the current market operations using a DC approximation and further explore the possibility of including detailed AC power flow models through semidefinite relaxation, and interior-point algorithms from Matpower. Finally, we provide extensive simulations on IEEE benchmark systems and highlight the complex interaction of engineering constraints with market power assessment.

Item Type:Article
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URLURL TypeDescription DOIArticle
Bose, Subhonmesh0000-0002-3445-4479
Additional Information:© 2015 IEEE. Manuscript received November 28, 2013; revised April 25, 2014 and August 01, 2014; accepted September 09, 2014. Date of publication October 23, 2014; date of current version July 17, 2015. This work was supported in part by NSF through EPAS 1307794, ECCS 1307756, NetSE CNS 0911041, ARPA-E through GENI DE-AR0000226, Southern California Edison, the National Science Council of Taiwan through NSC 103- 3113-P-008-001, the Los Alamos National Lab (DoE), and Caltech's Resnick Institute. Paper no. TPWRS-01531- 2013. The authors would like to thank Dr. N. Fromer and Mr. P. DeMartini from Resnick Institute at Caltech for their helpful comments. The authors also would like to thank Prof. A. Conejo (Editor-in-Chief) and the anonymous reviewers for their inputs.
Group:Resnick Sustainability Institute
Funding AgencyGrant Number
NSFEPAS 1307794
NSFECCS 1307756
NetSECNS 0911041
Southern California EdisonUNSPECIFIED
National Science Council (Taipei)NSC 103-3113-P-008-001
Los Alamos National LaboratoryUNSPECIFIED
Resnick Sustainability InstituteUNSPECIFIED
Subject Keywords:Electricity markets, market power
Issue or Number:5
Record Number:CaltechAUTHORS:20150821-103411487
Persistent URL:
Official Citation:Bose, S.; Chenye Wu; Yunjian Xu; Wierman, A.; Mohsenian-Rad, H., "A Unifying Market Power Measure for Deregulated Transmission-Constrained Electricity Markets," Power Systems, IEEE Transactions on , vol.30, no.5, pp.2338,2348, Sept. 2015 doi: 10.1109/TPWRS.2014.2360216 URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:59808
Deposited By: Tony Diaz
Deposited On:21 Aug 2015 18:14
Last Modified:10 Nov 2021 22:25

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