Electricity Market Design: The Good, the Bad, and the Ugly

  • Authors:

  • Peter Cramton

  • Affiliations:

  • -

  • Venue:
  • HICSS '03 Proceedings of the 36th Annual Hawaii International Conference on System Sciences (HICSS'03) - Track 2 - Volume 2
  • Year:
  • 2003

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Abstract

This paper examines principles of market design asapplied to electricity markets. I illustrate the principleswith examples of both good and bad designs. I discuss oneof the main design challenges-dealing with marketpower. I then discuss FERC's choice of a standard marketdesign.