NEMDNon-Equilibrium Molecular Dynamics
NEMDNonspecific Esophageal Motility Disorder
NEMDNew England Medical Design, Inc. (architects; Cranston, RI)
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Under Rule 5, this conflict is resolved in the NEMD as follows.
According to our proposed NEMD, the existing inefficiencies in the electricity market, such as market power and line congestion, must be managed in a better way than they are under existing regulations.
The set of rules of the NEMD can lead to two possible outcomes, both of which are relevant to appraise the efficiency of this proposal to regulate the functioning of an electricity market.
Thus, the difference between the actual market and the NEMD outcome accounts for this difference.
The SMP is determined by the marginal CTS unit, which could be lower than the SMP determined in the proposed NEMD. Recall, however, that for all RES, the final consumer pays the sum of the SMP plus the public incentive or the feed-in-premium.
We argue that there are two advantages of the proposed NEMD scheme.
We show the computation of the hypothetical market equilibrium in Figure 1, where Case 1 below refers to the actual market rules, while case 2 refers to the new proposed NEMD. (5)
In this way, the new NEMD yields a lower total cost, which is the sum of two additional costs and three additional benefits for the system with respect to the actual solution.
We apply the proposed NEMD scheme to the Italian data to compute the efficient and optimal prices for every hour.
We simulate the counterfactual market outcome according to our proposed NEMD via the following steps.
Specifically, we report on the comparison among the historical prices and costs for Italian consumers, the simulated prices and costs according to the proposed NEMD in Table 4, and the optimal Ramsey prices for the six zones in Table 5.
The most important finding is that the total cost is 9.86% lower under the proposed NEMD with respect to the actual market design.