Strengths and weaknesses of the PJM market model

William W. Hogan

Chapter 7 in Handbook on Electricity Markets, 2021, pp 182-204 from Edward Elgar Publishing

Abstract: The core of theiconicPJM market designisa bid-based-security-constrained-economic-dispatch-with-locational-marginal-prices (BBSCEDLMP) modelthatworks in theory and in practice. It is the only electricity market design that integrates engineering and economics to support efficient markets under the principles of transmission open access and non-discrimination.Development of this market followed a process combining analysis, experimentation, and learning.

Keywords: Economics and Finance; Environment; Law - Academic (search for similar items in EconPapers)
Date: 2021
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