interwoven in the electricity market as the producers of green electricity are also the suppliers of TGCs. In this paper, we … market power. We consider a Stackelberg leadership model with endogenous treatment of the interaction between the electricity …, whereupon strategic interaction may result. Along these lines, the market for Tradable Green Certificates (TGCs) is strongly …

We formulate a model with black, green and white certificates markets that function in conjunction with an electricity … market. The markets function well in the sense that a common equilibrium solution exist, where all targets are satisfied (e ….g. share of green electricity and share of energy saving/ efficiency increase.) The equilibrium solution adapts to changing …