Alternative Models of Restructured Electricity Systems. Part 1: No Market Power.

Different equilibrium concepts have been proposed by various authors (Schweppe et al, Hogan, Chao and Peck, Wu et al) to analyse competitive electricity systems. We establish correspondences between these different models though a single framework and provide additional interpretations of these equilibrium concepts. This unifying conceptual view also provides a computationally feasible approach to simulate the market. It also opens the way to the modelling of some imperfect markets.