Data for the project was provided by ECN. This can be accessed at their electricity market web page.
Access the results generated by each model:
Comparing the results generated by the different models shows how the structural and market design assumptions can affect the solutions generated by numerical electricity market models. Under the assumption of a competitive market, each model predicts a similar price. In the Strategic case, where large generators can exercise market power, the predicted prices differ significantly. Here, the results are highly sensitive to assumptions regarding market design, market timing and constraints on the rationality of generators. However, where the same assumptions are made, the models generate similar output.
These models and their results were discussed in two workshops held at Universidad Pontificia Comillas, Madrid and at the German Institute for Economic Research (DIW) in Berlin in 2003. The second workshop was attended by representatives from French, Belgium and Dutch Regulatory Agencies and researchers from a Danish System Operator, the ECN, and universities in Spain, the UK, Germany and the US.
The results were published in a CMI working paper, “Network-constrained models of liberalized electricity markets: the devil is in the details”.
- Ben Hobbs, The Whiting School of Engineering, Johns Hopkins University
- Fieke Rijkers, NMa / DTe, The Hague
- Maroeska Boots, Energy Research Centre of the Netherlands (ECN) Policy Studies, Amsterdam
- Julian Barquin, Instituto de Investigación Tecnológica, Universidad Pontificia Comillas, Madrid
- Karsten Neuhoff, Department of Applied Economics, University of Cambridge
- Andreas Ehrenmann, Cambridge Judge Business School, University of Cambridge