{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,16]],"date-time":"2026-06-16T11:53:54Z","timestamp":1781610834437,"version":"3.54.5"},"publisher-location":"New York, NY, USA","reference-count":38,"publisher":"ACM","content-domain":{"domain":["dl.acm.org"],"crossmark-restriction":true},"short-container-title":[],"published-print":{"date-parts":[[2026,6,22]]},"DOI":"10.1145\/3744255.3798126","type":"proceedings-article","created":{"date-parts":[[2026,6,16]],"date-time":"2026-06-16T10:13:49Z","timestamp":1781604829000},"page":"440-453","update-policy":"https:\/\/doi.org\/10.1145\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["The Role of Forward Trading in Short-term Electricity Markets with Zero-carbon Energy Resources"],"prefix":"10.1145","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8809-8318","authenticated-orcid":false,"given":"Dongwei","family":"Zhao","sequence":"first","affiliation":[{"name":"Argonne National Laboratory, Lemont, USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2777-8843","authenticated-orcid":false,"given":"Jonghwan","family":"Kwon","sequence":"additional","affiliation":[{"name":"Argonne National Laboratory, Lemont, USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-5706-5636","authenticated-orcid":false,"given":"Audun","family":"Botterud","sequence":"additional","affiliation":[{"name":"Argonne National Laboratory, Lemont, USA"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"320","published-online":{"date-parts":[[2026,6,22]]},"reference":[{"key":"e_1_3_3_2_2_2","doi-asserted-by":"crossref","unstructured":"Blaise Allaz and Jean-Luc Vila. 1993. Cournot competition forward markets and efficiency. Journal of Economic theory 59 1 (1993) 1\u201316.","DOI":"10.1006\/jeth.1993.1001"},{"key":"e_1_3_3_2_3_2","doi-asserted-by":"crossref","unstructured":"Edward\u00a0J Anderson and Xinmin Hu. 2008. Forward contracts and market power in an electricity market. International Journal of Industrial Organization 26 3 (2008) 679\u2013694.","DOI":"10.1016\/j.ijindorg.2007.05.002"},{"key":"e_1_3_3_2_4_2","doi-asserted-by":"crossref","unstructured":"Dimitri\u00a0P Bertsekas. 1997. Nonlinear programming. Journal of the Operational Research Society 48 3 (1997) 334\u2013334.","DOI":"10.1057\/palgrave.jors.2600425"},{"key":"e_1_3_3_2_5_2","doi-asserted-by":"crossref","unstructured":"Audun Botterud Tarjei Kristiansen and Marija\u00a0D Ilic. 2010. The relationship between spot and futures prices in the Nord Pool electricity market. Energy Economics 32 5 (2010) 967\u2013978.","DOI":"10.1016\/j.eneco.2009.11.009"},{"key":"e_1_3_3_2_6_2","doi-asserted-by":"crossref","unstructured":"Yves Breitmoser. 2013. Increasing marginal costs are strategically beneficial in forward trading. Economics Letters 119 2 (2013) 109\u2013112.","DOI":"10.1016\/j.econlet.2013.01.030"},{"key":"e_1_3_3_2_7_2","volume-title":"A forward energy market to improve resiliency","author":"Cramton Peter","year":"2024","unstructured":"Peter Cramton, Simon Brandkamp, H Chao, Jason Dark, Darell Hoy, AS Kyle, D Malec, A Ockenfels, and C Wilkens. 2024. A forward energy market to improve resiliency. Technical Report. University of Maryland Working Paper."},{"key":"e_1_3_3_2_8_2","doi-asserted-by":"crossref","unstructured":"James\u00a0R Cruise Lisa Flatley and Stan Zachary. 2018. Impact of storage competition on energy markets. European Journal of Operational Research 269 3 (2018) 998\u20131012.","DOI":"10.1016\/j.ejor.2018.02.036"},{"key":"e_1_3_3_2_9_2","volume-title":"Game theory","author":"Fudenberg Drew","year":"1991","unstructured":"Drew Fudenberg. 1991. Game theory. MIT press."},{"key":"e_1_3_3_2_10_2","doi-asserted-by":"crossref","unstructured":"Camilo\u00a0A Gallego. 2022. Intertemporal effects of imperfect competition through forward contracts in wholesale electricity markets. Energy Economics 107 (2022) 105835.","DOI":"10.1016\/j.eneco.2022.105835"},{"key":"e_1_3_3_2_11_2","first-page":"6","volume-title":"Grid strategies LLC","author":"Gramlich Rob","year":"2019","unstructured":"Rob Gramlich and Michael Goggin. 2019. Too Much of the Wrong Thing: The Need for Capacity Market Replacement or Reform. In Grid strategies LLC. 6\u201310."},{"key":"e_1_3_3_2_12_2","doi-asserted-by":"crossref","unstructured":"Mari Haugen Paris\u00a0L Blaisdell-Pijuan Audun Botterud Todd Levin Zhi Zhou Michael Belsnes Magnus Korp\u00e5s and Abhishek Somani. 2024. Power market models for the clean energy transition: State of the art and future research needs. Applied Energy 357 (2024) 122495.","DOI":"10.1016\/j.apenergy.2023.122495"},{"key":"e_1_3_3_2_13_2","doi-asserted-by":"crossref","unstructured":"Ali Horta\u00e7su Fernando Luco Steven\u00a0L Puller and Dongni Zhu. 2019. Does strategic ability affect efficiency? Evidence from electricity markets. American Economic Review 109 12 (2019) 4302\u20134342.","DOI":"10.1257\/aer.20172015"},{"key":"e_1_3_3_2_14_2","doi-asserted-by":"crossref","unstructured":"Xinmin Hu and Daniel Ralph. 2007. Using EPECs to model bilevel games in restructured electricity markets with locational prices. Operations research 55 5 (2007) 809\u2013827.","DOI":"10.1287\/opre.1070.0431"},{"key":"e_1_3_3_2_15_2","doi-asserted-by":"publisher","unstructured":"Qisheng Huang Yunjian Xu and Costas Courcoubetis. 2021. Strategic Storage Operation in Wholesale Electricity Markets: A Networked Cournot Game Analysis. IEEE Transactions on Network Science and Engineering (2021) 1\u20131. 10.1109\/TNSE.2021.3073723","DOI":"10.1109\/TNSE.2021.3073723"},{"key":"e_1_3_3_2_16_2","doi-asserted-by":"crossref","unstructured":"Rajnish Kamat and Shmuel\u00a0S Oren. 2004. Two-settlement systems for electricity markets under network uncertainty and market power. Journal of regulatory economics 25 (2004) 5\u201337.","DOI":"10.1023\/B:REGE.0000008653.08554.81"},{"key":"e_1_3_3_2_17_2","doi-asserted-by":"crossref","unstructured":"Jonghwan Kwon Todd Levin Zhi Zhou Audun Botterud Mahdi Mehrtash and Benjamin\u00a0F Hobbs. 2023. The impact of market design and clean energy incentives on strategic generation investments and resource adequacy in low-carbon electricity markets. Renewable Energy Focus 47 (2023) 100495.","DOI":"10.1016\/j.ref.2023.100495"},{"key":"e_1_3_3_2_18_2","doi-asserted-by":"crossref","unstructured":"Dharik\u00a0S Mallapragada Cristian Junge Cathy Wang Hannes Pfeifenberger Paul\u00a0L Joskow and Richard Schmalensee. 2023. Electricity pricing challenges in future renewables-dominant power systems. Energy Economics 126 (2023) 106981.","DOI":"10.1016\/j.eneco.2023.106981"},{"key":"e_1_3_3_2_19_2","doi-asserted-by":"crossref","unstructured":"S\u00e9bastien Mitraille and Henry Thille. 2024. Forward contracting and the endogenous activity of heterogeneous firms. Journal of Economics & Management Strategy (2024).","DOI":"10.1111\/jems.12610"},{"key":"e_1_3_3_2_20_2","doi-asserted-by":"crossref","unstructured":"Dov Monderer and Lloyd\u00a0S Shapley. 1996. Potential games. Games and economic behavior 14 1 (1996) 124\u2013143.","DOI":"10.1006\/game.1996.0044"},{"key":"e_1_3_3_2_21_2","unstructured":"Kendall Mongird Vilayanur Viswanathan Jan Alam Charlie Vartanian Vincent Sprenkle and Richard Baxter. 2020. 2020 grid energy storage technology cost and performance assessment. Energy (2020)."},{"key":"e_1_3_3_2_22_2","doi-asserted-by":"crossref","unstructured":"Frederic Murphy and Yves Smeers. 2010. On the impact of forward markets on investments in oligopolistic markets with reference to electricity. Operations research 58 3 (2010) 515\u2013528.","DOI":"10.1287\/opre.1090.0753"},{"key":"e_1_3_3_2_23_2","doi-asserted-by":"crossref","unstructured":"David\u00a0M Newbery. 1998. Competition contracts and entry in the electricity spot market. The RAND Journal of Economics (1998) 726\u2013749.","DOI":"10.2307\/2556091"},{"key":"e_1_3_3_2_24_2","volume-title":"A course in game theory","author":"Osborne Martin\u00a0J","year":"1994","unstructured":"Martin\u00a0J Osborne and Ariel Rubinstein. 1994. A course in game theory. MIT press."},{"key":"e_1_3_3_2_25_2","doi-asserted-by":"crossref","unstructured":"Heikki Peura and Derek\u00a0W Bunn. 2021. Renewable power and electricity prices: The impact of forward markets. Management Science 67 8 (2021) 4772\u20134788.","DOI":"10.1287\/mnsc.2020.3710"},{"key":"e_1_3_3_2_26_2","doi-asserted-by":"crossref","unstructured":"Philip\u00a0J Reny. 1999. On the existence of pure and mixed strategy Nash equilibria in discontinuous games. Econometrica 67 5 (1999) 1029\u20131056.","DOI":"10.1111\/1468-0262.00069"},{"key":"e_1_3_3_2_27_2","doi-asserted-by":"crossref","unstructured":"Yuanyuan Shi Bolun Xu Di Wang and Baosen Zhang. 2017. Using battery storage for peak shaving and frequency regulation: Joint optimization for superlinear gains. IEEE transactions on power systems 33 3 (2017) 2882\u20132894.","DOI":"10.1109\/TPWRS.2017.2749512"},{"key":"e_1_3_3_2_28_2","doi-asserted-by":"crossref","unstructured":"Che-Lin Su. 2007. Analysis on the forward market equilibrium model. Operations Research Letters 35 1 (2007) 74\u201382.","DOI":"10.1016\/j.orl.2006.01.006"},{"key":"e_1_3_3_2_29_2","doi-asserted-by":"publisher","unstructured":"Joshua\u00a0A. Taylor Duncan\u00a0S. Callaway and Kameshwar Poolla. 2013. Competitive energy storage in the presence of renewables. IEEE Transactions on Power Systems 28 2 (2013) 985\u2013996. 10.1109\/TPWRS.2012.2210573","DOI":"10.1109\/TPWRS.2012.2210573"},{"key":"e_1_3_3_2_30_2","doi-asserted-by":"publisher","DOI":"10.1109\/ACC.2016.7526592"},{"key":"e_1_3_3_2_31_2","doi-asserted-by":"crossref","unstructured":"Hal\u00a0R Varian. 1987. The arbitrage principle in financial economics. Journal of Economic Perspectives 1 2 (1987) 55\u201372.","DOI":"10.1257\/jep.1.2.55"},{"key":"e_1_3_3_2_32_2","doi-asserted-by":"crossref","unstructured":"Frank\u00a0A Wolak. 2000. An empirical analysis of the impact of hedge contracts on bidding behavior in a competitive electricity market. International Economic Journal 14 2 (2000) 1\u201339.","DOI":"10.1080\/10168730000080009"},{"key":"e_1_3_3_2_33_2","doi-asserted-by":"crossref","unstructured":"Jian Yao Ilan Adler and Shmuel\u00a0S Oren. 2008. Modeling and computing two-settlement oligopolistic equilibrium in a congested electricity network. Operations Research 56 1 (2008) 34\u201347.","DOI":"10.1287\/opre.1070.0416"},{"key":"e_1_3_3_2_34_2","doi-asserted-by":"crossref","unstructured":"Baosen Zhang Ramesh Johari and Ram Rajagopal. 2015. Competition and coalition formation of renewable power producers. IEEE Transactions on Power Systems 30 3 (2015) 1624\u20131632.","DOI":"10.1109\/TPWRS.2014.2385869"},{"key":"e_1_3_3_2_35_2","doi-asserted-by":"crossref","unstructured":"Baosen Zhang Ramesh Johari and Ram Rajagopal. 2018. Competition and efficiency of coalitions in cournot games with uncertainty. IEEE Transactions on Control of Network Systems 6 2 (2018) 884\u2013896.","DOI":"10.1109\/TCNS.2018.2880302"},{"key":"e_1_3_3_2_36_2","doi-asserted-by":"crossref","unstructured":"Dongwei Zhao Mehdi Jafari Audun Botterud and Apurba Sakti. 2022. Strategic energy storage investments: A case study of the CAISO electricity market. Applied Energy 325 (2022) 119909.","DOI":"10.1016\/j.apenergy.2022.119909"},{"key":"e_1_3_3_2_37_2","doi-asserted-by":"publisher","DOI":"10.1109\/ICC.2019.8761733"},{"key":"e_1_3_3_2_38_2","doi-asserted-by":"crossref","unstructured":"Dongwei Zhao Hao Wang Jianwei Huang and Xiaojun Lin. 2019. Storage or no storage: Duopoly competition between renewable energy suppliers in a local energy market. IEEE Journal on Selected Areas in Communications 38 1 (2019) 31\u201347.","DOI":"10.1109\/JSAC.2019.2951970"},{"key":"e_1_3_3_2_39_2","doi-asserted-by":"publisher","DOI":"10.2172\/1877029"}],"event":{"name":"E-Energy '26: The 17th ACM International Conference on Future and Sustainable Energy Systems","location":"Banff , Alberta , Canada","acronym":"E-Energy '26","sponsor":["SIGENERGY ACM Special Interest Group on Energy Systems and Informatics"]},"container-title":["Proceedings of the 17th ACM International Conference on Future and Sustainable Energy Systems"],"original-title":[],"deposited":{"date-parts":[[2026,6,16]],"date-time":"2026-06-16T11:17:16Z","timestamp":1781608636000},"score":1,"resource":{"primary":{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3744255.3798126"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,6,22]]},"references-count":38,"alternative-id":["10.1145\/3744255.3798126","10.1145\/3744255"],"URL":"https:\/\/doi.org\/10.1145\/3744255.3798126","relation":{},"subject":[],"published":{"date-parts":[[2026,6,22]]},"assertion":[{"value":"2026-06-22","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}