出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：We study the interdependency between two markets, where the rst involves o ering production capacity, while on the second actual production is sold. The key issue is that the expected product market outcome determines the opportunity cost for bidding at the capacity market while the capacity sold on the capacity market, since no longer available for spot market bidding, in
uences the product market outcome. We show that a competitive simultaneous equilibrium exists. This equilibrium is unique and ecient. It is characterized by a u-shaped bidding function in the capacity market with respect to the marginal cost of suppliers. The leading example is the electricity industry, where there is a capacity market clearing before the spot market.
