We conduct a social cost-benefit analysis of wholesale electricity market restructuring and competition in New England. A counter-factual investment path is formulated which characterizes how the wholesale power system might have evolved in New England under continued regulation. The investment...

We consider a supply function equilibrium (SFE) model of interaction in an electricity market. We assume a linear demand function and consider a competitive fringe and several strategic players having capacity limits and affine marginal costs. The choice of SFE over Cournot equilibrium and other...

We characterize the cost function for electric power transmission. It is complex and non-linear, exhibiting scale economies over its range. The social planning problem for network transmission expansion is illustrated with a simple numerical example. The regulatory problem for joint generation...