Why have PJM capacity markets decoupled from actual capacity bids?

被引：2
|
作者：
McCullough R. [1 ]
Shierman E. [1 ]
Weisdorf M. [1 ]
Howard B.M. [1 ]
机构：
[1] McCullough Research, Portland, 97202, OR
来源：
Electricity Journal | 2019年 / 32卷 / 09期
关键词：
Capacity auctions; Deregulation; Hirschfield-Herfindahl Index (HHI); Market clearing prices; Market power; Minimum offer price rule (MOPR); PJM; Reliability Pricing Model (RPM);
D O I：
10.1016/j.tej.2019.106640
中图分类号：
学科分类号：
摘要：
We analyze PJM's Reliability Pricing Model auction in the context of ongoing reform proposals that seek to address the perception that state subsidies for carbon free generation are depressing capacity prices. We show how PJM's clearing algorithm deviates from economic theory, and conclude that in fact the capacity market construct has been inflating prices rather than depressing them. © 2019
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