Abstract
This paper considers an EPEC (equilibrium program with equilibrium constraints) model for a competition problem in electricity markets. By making use of some potential functions, we propose an MPEC (mathematical program with equilibrium constraints) reformulation and show that the normalized Nash stationary points of the EPEC model are actually the KKT stationary point of the associated MPEC. We also show the applicability of some solution method to the electricity market. The numerical experiment presents the effectiveness of our approach.
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