Social Welfare In Different Power Markets

In actual electric power market, all the units bidding in single market. In the supply side, both base units and peak units bidding in one single market. In the demand side, consumers buy in the same price. But this balance didn't consider the difference cost of difference units and difference elasticity of difference demands. So it may lead to a loss of social welfare in electric power market.In this paper, we want to find a new market model to advance the social welfare in electric power market. The new market named base market + peak market by separate the units into base and peak two markets. Using numerical simulation and analysis of the results, we can get the conclusion that the base market + peak market can't advance the social welfare in electric power market. Sun Yefei (electric power system)Directed by prof. Felix Wu...