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This paper sheds light on a promising and very active research area for electricity market modeling, that is, agent-based computational economics. The intriguing perspective of such research methodology is to succeed in tackling the complexity of the electricity market structure, thus the fast-growing literature appeared in the last decade on this field. This paper aims to present the state-of-the-art...
Within a yearly time framework this chapter describes stochastic programming models to derive the electricity market strategies of producers and retailers. Both a financial futures market and a day-ahead pool are considered. Uncertainties on hourly pool prices and on end-user demands are represented modeling these factors as stochastic processes. Decisions pertaining to the futures market are made...
This chapter presents a comprehensive decision support system for addressing the generation planning and operation. It is hierarchically divided into three planning horizons: long, medium, and short term. This functional hierarchy requires that decisions taken by the upper level model will be internalized by the lower level model. With this approach, the position of the company is globally optimized...
Benders’ partitioning method is a classical method for solving mixed integer programming problems. The basic idea is to partition the problem by dividing the variables into complicating variables, normally the variables that are constrained to be integer valued, and easy variables, normally the continuous variables. By fixing the complicating variables, a convex sub-problem is generated. Solving this...
Medium-term generation planning may be advantageously modeled through market equilibrium representation. There exist several methods to define and solve this kind of equilibrium. We focus on a particular technique based on conjectural variations. It is built on the idea that the equilibrium is equivalent to the solution of a quadratic minimization problem. We also show that this technique is suitable...
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