This paper incorporates the vertical structure of governments into a mixed oligopoly model by considering the public … state‐owned public firm should be privatised. Furthermore, we show that for the welfare of a country, a mixed oligopoly with … a vertical structure of government can be more desirable than a mixed oligopoly without it …

. -- Electricity market modeling ; pumped hydro storage ; strategic storage ; oligopoly ; market power ; Germany ; ElStorM …