This paper presents a successful lab experience to teach pool-based electricity markets to power engineering students. Students are arranged in groups and assigned, at random, a set of generators. They play the role of power producers and compete against each other with the target of maximizing their own profits. The instructor plays the role of the market operator. A market simulator and a computer communication network make it possible to simulate the actual functioning of a pool-based electricity market. The elements that have made this educational experience successful are described and analyzed. Several case examples are discussed.