Abstract
Creating successful competitive electric power markets requires
transmission pricing reform. Due to the physics of power
transmission networks, efficient transmission pricies must
incorporate two types of loop flow externalities, and must be
determined jointly with efficient power (nodal) prices. Prior
proposed market schemes all involve an approximation to the
efficient prices. I propose a real-time "smart market" that
provides incentives for truthful revelation of the information
required for finding the correct efficient prices.
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