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Market Power in Convex Hull Pricing

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Document pages: 3 pages

Abstract: The start up costs in many kinds of generators lead to complex coststructures, which in turn yield severe market loopholes in the locationalmarginal price (LMP) scheme. Convex hull pricing (a.k.a. extended LMP) isproposed to improve the market efficiency by providing the minimal upliftpayment to the generators. In this letter, we consider a stylized model whereall generators share the same generation capacity. We analyze the generators possible strategic behaviors in such a setting, and then propose an index formarket power quantification in the convex hull pricing schemes.

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