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The formulation of a Poolco model suitable for power system planning is presented. The model involves only slight enhancement to existing conventional power system software and directly enables the calculation of spot prices and a bid-based dispatch. Included is a method for decomposing spot prices to reveal components caused by system congestion. An example illustrates how financial hedges that are traded in the Poolco scenario will affect system planning decisions.
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Finney et al. (1997) studied this question.
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