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Discuss how engineers investigate the principles of electric power market design, exploring the institutional frameworks and market mechanisms used to facilitate the exchange of electricity in competitive energy markets. Delve into the structure of wholesale electricity markets, capacity markets, and energy trading platforms, and explore the challenges of market regulation, price formation, and market power mitigation in ensuring fair and efficient market outcomes.

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Engineers investigating the principles of electric power market design focus on creating efficient, reliable, and fair markets for electricity. They explore various institutional frameworks and market mechanisms that facilitate the exchange of electricity in competitive energy markets. Here’s a detailed exploration of these principles:

### Institutional Frameworks and Market Mechanisms

#### Institutional Frameworks

1. **Regulatory Bodies**: Agencies such as the Federal Energy Regulatory Commission (FERC) in the U.S. oversee market regulations, ensuring that electricity markets operate fairly and efficiently.

2. **Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs)**: These entities manage the grid and operate electricity markets in different regions, ensuring reliable power delivery and market efficiency.

3. **Market Participants**: Include generation companies, distribution companies, retail electricity providers, and end-users. Each plays a role in the supply and demand dynamics of the market.

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