Methodology and results of the impacts of modeling electric utilities ; a comparative evaluation of MEMM and REM

Abstract

This study compares two models of the U.S. electric utility industry including the EIA's electric utility submodel in the Midterm Energy Market Model (MEMM), and the Baughman-Joskow Regionalized Electricity Model (REM). The method of comparison emphasizes reconciliation of differences in data common to both models, and the performance of simulation experiments to evaluate the empirical significance of certain structural differences in the models.