Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar; Aïd, René - Université Paris-Dauphine (Paris IX) - 2009
This paper analyzes the interactions between vertical integration and (wholesale) spot, forward and retail markets in … risk management. We develop an equilibrium model that fits electricity markets well. We point out that vertical integration … downstream segments. While agents always use the forward market, vertical integration may not arise. In addition, in presence of …