Abstract
Our paper considers a number of classical and modern approaches to the modeling of wholesale energy markets based on the use of oligopoly and agent-oriented economic models. We develop an integrated simulation model of the wholesale energy market and study the interactions between economic agents.
Furthermore, we assess the influence of market power generating companies on market condition, specifically its impact on prices, offers, and sales of electric power on the markets without a reaction from competitors. Our results are discussed with regard to the wholesale electricity market platform established by the Federal Energy.
Regulatory Commission of the United States as a template for all U.S. wholesale energy markets. Our findings are also applicable to the wholesale energy markets of EU and Russian Federation