Some analytical results on conjectural variation models for short-term electricity markets

An electricity market that includes conjectural variation producers of different types is analysed. The study provides some analytical results concerning market outcomes, which are relevant to appraise the competitiveness of the market. Specifically, the impacts of both the reaction parameter and the cost function parameters of the producers on market price, quantities and profits are studied. The analytical results derived are illustrated using simple yet insightful case examples. Relevant conclusions are finally drawn.