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Essays In Iranian Wholesale Electricity Market

Mardani, Hassan | 2017

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  1. Type of Document: Ph.D. Dissertation
  2. Language: Farsi
  3. Document No: 50890 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Fatemi Ardestani, Farshad; Ghazizadeh, Mohammad Sadegh
  7. Abstract:
  8. In this thesis, consider three important questions in the Iranian Wholesale Electricity Market (IWEM) and answer its. The first one is whether the bidding behavior of the firms in the IWEM has been ex-post optimal? The results of the research show that, on average, the firm’s bidding behavior didn’t optimal in the IWEM, and therefore the bidding strategy of them could be improved. This issue is importance from the regulatory viewpoint in terms of assessing market efficiency and market power of firms, as well as from the firm’s point of view to improve the bidding strategy and increase its profits. The second issue is the assessment of the firm’s ability to exercise unilateral market power by using the residual demand curve. The panel's fixed effects regression results indicate that, on average, if a unilateral market power, one unit increased, the dispatched price will increase by about 0.00065. Also, from 86 active firms in the IWEM, just the regression coefficient of 30 firms is positive and significant at 5% level. These firms are often hydropower and gas-turbine power plant with state and private ownership. This is important from the Regulatory point of view. Finally, the third question that this thesis answer it is how to predict the residual demand curve of a firm in the IWEM. Because the firm’s residual demand curve include some useful information about their ability to exercise unilateral market power and therefore influence market clearing price. So, residual demand curves of firms is important from regulatory viewpoint to monitor and mitigate firm’s unilateral market power. Also, the residual demand curve of firm indicates the maximum market share at each price level, so this curves will be very important in designing an optimal bidding strategy from firm’s point of view
  9. Keywords:
  10. Wholesale Market ; Power Market ; Market Power ; Optimal Bidding Behavior Model ; Pay as Bid Auction ; Residual Demand Curve ; Firm's Unilateral Market Power ; Functional Data Analysis ; Functional Prediction

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