This paper surveys the literature relevant for comparing centralized and decentralized
wholesale electricity markets. Under a centralized design, producers submit detailed cost …

Energy transition is prevalent nowadays, and Colombia is no exception to this phenomenon.
Energy coming from non-conventional renewable resources is one of the main feature of this …

In centralized day-ahead markets, producers submit detailed cost data to the market
operator that decides how much should be produced in each plant. This differs from …

We develop a partial equilibrium framework to assess the opportunity cost of domestic oil
consumption for an oil-exporting country. We show that the opportunity cost depends on …

Iranian day-ahead market (IDAM) launched in 2003. However, after several years from
launching, there are still significant challenges in this market, such as the high number of …

Recent energy shortfalls in renewables-dominated electricity markets call for a mechanism
to ensure demand is met under all system conditions. We demonstrate severe shortcomings …

The transformation of the real economy to the virtual economy is one of the necessary ways
for social and economic development. By analyzing the definition of real economy and …

We investigate the effects of a change in the regulation of the spot market for electricity in
Colombia that took place in 2009. Specifically, the regulation switched from an auction …

Hydropower generation creates a trade-off between current and future energy production as
a firm must choose when to release previously-stored resources. In the Colombian energy …

This paper studies two key aspects of the introduction of private management in the
Colombian electricity generation industry:(1) It quantifies the impact of changes to private …