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The conventional model of the day-ahead electricity markets employs an energy-based approach to manage the competition among the players. Under this format, it is assumed that everything (including the demand and output power of the generating units) is constant during each hour. This assumption greatly simplifies the market, and it is widely incorporated over the globe. However, it leads to mismatches in the real-time operation. With the increase in the share of intermittent sources, such mismatches get higher amplitude and become more threatening for market performance and system security. Powerbased modelling of the electricity market (PbM), which has been introduced as a remedy to eliminate mismatches in real-time operation, has been scrutinized. The previous comparisons between the conventional model and PbM generally deploy a rigid approach based on the existence of perfect competition. They assume that all the generation companies offer their maximum capacity and marginal cost into the market. Moreover, they model a single-side auction in which only the supply side is actively involved in the market. In order to develop the previous studies on PbM, an equilibrium environment to model the players' interactions within a competitive market has been employed. Employment of an equilibrium model brings the benefits of modelling a double-side market and can simulate the strategic behaviour of the market players on both sides within a partially competitive electricity market. The equilibrium model provides empirical insight on how changing the market structure to PbM affects players' behaviour and shifts the market equilibrium and provided some unreported attributes of PbM. The study is based on a real-world network of the Gilan province in northern Iran. [ABSTRACT FROM AUTHOR]