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Stoft explains why markets need a day-ahead market (financial hedge) and a real-time market (physical balance). He argues this structure reduces volatility while maintaining efficiency. power system economics steven stoft pdf
Unlike many economists who view market power as a glitch, Stoft treats it as a feature of the electricity landscape. Because transmission constraints can isolate a geographic area (creating a "load pocket"), a single generator in that pocket can effectively become a monopolist during peak hours. Sites offering a "power system economics steven stoft
Stoft details how generators can "game" the system—physically withholding power to drive up prices or engaging in "economical withholding" by bidding far above marginal cost. His analysis of the California crisis is a masterclass in this pathology. He shows that the crisis was not just Enron’s malice, but a fundamental design flaw that allowed generators to exploit congestion protocols. Unlike many economists who view market power as
His solution is structural: Market power mitigation must be built into the rules, not applied retroactively. This includes "must-offer" obligations and automated mitigation procedures that cap bids only when structural market power is detected.
Whether you are a student or a professional at a utility, mastering Steven Stoft’s content will differentiate you.