Storing power: market structure matters
研究了市场结构如何影响企业运营和投资储能设施的动机，发现市场力量会通过低效使用和扭曲投资两个渠道降低整体效率，垂直整合对消费者和总福利最不利。
Abstract We assess how firms' incentives to operate and invest in energy storage depend on the market structure. For this purpose, we characterize equilibrium market outcomes allowing for market power in storage and/or production, as well as for vertical integration between storage and production. Market power reduces overall efficiency through two channels: It induces an inefficient use of the storage facilities, and it distorts investment incentives. The worst outcome for consumers and total welfare occurs under vertical integration. The results are key to understanding how to regulate energy storage, an issue which is critical for the deployment of renewable energies.