Abstract
AbstractIn this research, the fundamental premises for deregulation of the electric power industry are reevaluated. The authors develop a simple model to represent the wholesale electricity market with a highly congested network. The model is developed by simplifying the power system and market in the New York ISO based on available data for the New York ISO in 2004 along with some estimation. Based on the developed model and construction cost data from the past, the economic impact of transmission line addition on market participants and the impact of deregulation on power plant additions in a market with transmission congestion are studied. Simulation results show that market signals may fail to facilitate proper capacity additions and results in the undesirable overconstruction and insufficient construction cycle of capacity addition. © 2011 Wiley Periodicals, Inc. Electr Eng Jpn, 178(3): 11–20, 2012; Published online in Wiley Online Library (wileyonlinelibrary.com). DOI 10.1002/eej.21013
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