Electricity Production in a Hydro System with a Reservoir Constraint*
研究了在水库约束和来水不确定性的水电系统中，市场力量如何影响夏冬两季的电力生产分配，发现市场力量可能缩小或逆转季节间的价格差异。
Abstract In this paper, our purpose is to analyze how market power might affect the allocation of production between seasons (summer and winter) in a hydropower system with reservoir constraints and inflow uncertainty. We find that, even without market power, the price in the summer season might be lower than the expected price in the winter season. In some situations, market power can lead to higher sales and a lower price in summer than would be observed in the competitive outcome; in other situations, it can lead to the opposite result. Furthermore, market power can lead to a smaller price difference between summer and winter.