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In this paper, Game Theory (GT) and its applications in power markets are introduced including the fundamental concept of Nash Equilibrium (NE) which is a universal and essential solution concept in GT. The system studied herein is a small system with 3 generation companies to find the best bidding strategies for each company and the market price to profit the whole market. In search for the NE, a...
Generally, the locational marginal price (LMP) is obtained by solving a linear programming formulation. Network losses are considered through the preset loss factors based on historical operation information. This usually brings errors in the calculated loss under different new scenarios. Further, the congestion component of an LMP is dependent on the choice of the reference bus. In this paper, a...
In 2005, University of Bath was commissioned by the UK's gas and electricity markets watchdog - Ofgem to examine whether alternative charging methodologies would be more efficient at encouraging the economic development of the distribution network to the present methodologies used by the transmission and distribution networks. This paper presents the findings from the study, showing that an alternative...
In recent years, environmental concerns have significantly increased the pressure for cleaner and more efficient generation of electricity. In the UK and some European countries, there are requirements to produce a certain amount of electricity from renewable generation. Wind power is expected to contribute significantly to the renewable energy targets owing to advancements in wind technologies, falling...
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