Welfare Impact of Virtual Trading on Wholesale Electricity Markets
通过福利分析评估金融参与者虚拟交易对电力批发市场效率的影响，发现其主要导致消费者与生产者之间的福利转移，对总剩余影响有限。
We use welfare analysis to evaluate the efficiency impact of virtual trading by financial participants on wholesale electricity markets. We use a stylized model to determine the optimal bidding strategy under different scenarios of market outcomes for financial participants. A welfare comparison between scenarios with and without optimal bidding shows that the main impacts of virtual trading by financial participants are welfare transfers between consumers and producers, while the impact on total surplus is limited.