interwoven in the electricity market as the producers of green electricity are also the suppliers of TGCs. In this paper, we … formulate an analytic equilibrium model for simultaneously functioning electricity and TGC markets, and focus on the role of … market power. We consider a Stackelberg leadership model with endogenous treatment of the interaction between the electricity …

We formulate a model with black, green and white certificates markets that function in conjunction with an electricity ….g. share of green electricity and share of energy saving/ efficiency increase.) The equilibrium solution adapts to changing …, or unchanged consumption of "black", "green" or "white" electricity. These, markets give thus a poor guidance for future …