  Statistical mechanics provides a useful analog for understanding the behavior
of complex adaptive systems, including power markets and the power systems they
intend to govern. Transaction-based control is founded on the conjecture that
the regulation of complex systems based on price-mediated strategies (e.g.,
auctions, markets) results in an optimal allocation of resources and an
emergent optimal control. We outline a model based on strict analogies to
thermodynamic quantities. The model accurately describes power market data
collected from three North American independent system operators (ISO) in
recent years. The ISO data is analyzed, comparing the behavioral similarities
and differences that are observed.
