. Demand by the auctioneer is uncertain as in the supply function equilibrium model. A closed form expression is derived …. Existence of an equilibrium is ensured if the hazard rate of the perfectly inelastic demand is monotonically decreasing and …’s demand exceeds suppliers’ capacity with a positive probability. The derived equilibrium can be used to model strategic …

, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most …In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction … elegantly be modelled as the pure-strategy, Nash Equilibrium of continuous supply functions, in which each supplier has a unique …