Collaborative Research: A Unified Approach to Quantifying Market Power in the Future Grid

这项研究的目标是制定一种统一的方法来衡量市场力量，将短期和长期分析联系起来，同时保持强大的经济基础并纳入输电系统。方法是首先侧重于长期分析，以制定一个严格的框架，在此基础上建立短期分析工具。这种结合的方法将允许量化在放松管制的电力市场中的市场力的潜力和利用。智力优势：这个项目通过建立一个统一和全面的衡量市场力的基础，探索了经济和电力系统的独特组合。它将填补现有文献中关于长期和短期市场力分析的空白，并为研究未来电网现象(如需求响应、可再生和分布式发电以及电力储存)对市场力的影响提供了一个重要工具。广泛影响：市场监控对于维持有效的电力市场至关重要：市场力不仅是对当今电力市场效率的重大挑战，例如2000年的加州能源危机；随着我们走向更智能的电网，监控市场力的重要性只会越来越大。因此，更好地理解如何识别和量化市场力量具有至关重要的社会意义。此外，拟议的研究将改善电力系统和经济学界之间的对话。最后，提出的研究方案具有很强的潜力，可以成功地实现从学术到实践的跨越。

The objective of this research is to develop a unified approach to measuring market power that connects short-term and long-term analysis, while maintaining strong economic foundations and incorporating the transmission system. The approach is to focus first on long-term analysis to develop a rigorous framework on which to build tools for short-term analysis. This combined approach will allow quantification of both the potential for and the exploitation of market power in deregulated electricity markets.Intellectual merit: This project explores a unique mixture of economics and power systems by building a unifying and comprehensive foundation for measuring market power. It will close the gap in the existing fractured literature on long-term and short-term market power analysis and has the added benefit of providing an important tool for studying the impact on market power of future grid phenomena such as demand response, renewable and distributed generation, and electricity storage.Broader impact: Market monitoring is essential for maintaining efficient electricity markets: not only is market power a major challenge to the efficiency of today's electricity markets, e.g., the California energy crisis of 2000; the importance of monitoring market power will only grow as we move toward a smarter grid. Thus, an improved understanding of how to identify and quantify market power is of crucial societal importance. Additionally, the proposed research will improve dialogue between the power systems and economics communities. Finally, the proposed research program has a strong potential to successfully make the leap from academia to practice.