(eng): A multi-leader-common-follower game formulation has been recently used by many authors to model deregulated electricity markets. In our work, we first propose a model for the case of electricity market with thermal losses on transmission and with production bounds, a situation for which we emphasize several formulations based on different types of revenue functions of producers. Focusing on a problem of one particular producer, we provide and justify an MPCC reformulation of the producer’s problem. Applying the generalized differential calculus, the so-called M-stationarity conditions are derived for the reformulated electricity market model. Finally, verification of suitable constraint qualification that can be used to obtain first order necessary optimality conditions for the respective MPCCs are discussed.