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This paper analyzes stability conditions for wholesale electricity marketsunder real-time retail pricing and realistic consumption models with memory,which explicitly take into account previous electricity prices and consumptionlevels. By passing on the current retail price of electricity from supplier toconsumer and feeding the observed consumption back to the supplier, aclosed-loop dynamical system for electricity prices and consumption ariseswhose stability is to be investigated. Under mild assumptions on the generationcost of electricity and consumers' backlog disutility functions, we show that,for consumer models with price memory only, market stability is achieved if theratio between the consumers' marginal backlog disutility and the suppliers'marginal cost of supply remains below a fixed threshold. Further, consumermodels with price and consumption memory can result in greater stabilityregions and faster convergence to the equilibrium compared to models with pricememory alone, if consumption deviations from nominal demand are adequatelypenalized.

Stability Analysis of Wholesale Electricity Markets under Dynamic Consumption Models and Real-Time Pricing