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The optimization and simulation of power systems continues to be an area of concern for electricity companies and researchers worldwide namely considering the development of electricity markets and competition in the generation activity Therefore generation companies are devoting an increasing attention to market issues justifying the development of models to help them preparing bidding strategies...
<?Pub Dtl?>Prices in electricity markets are given by the dual variables associated with the supply-demand constraint in the dispatch problem. However, in unit-commitment-based day-ahead markets, these variables are not easy to obtain. A common approach relies on re-solving the dispatch problem with the commitment decisions fixed, and utilizing the associated dual variables. This avenue may...
In recent years, several oligopolistic models of the liberalized power exchanges have been proposed, within two paradigms based upon radically different assumptions on rationality, learning and cognition: optimal choice and agent-based computational modeling. This paper is a first attempt to compare the explanatory performances of an agent-based model with a supply function equilibrium model on the...
Efficiency in energy markets of deregulated electric systems has been subject to a number of studies. Despites the significant efforts in efficiency applied to the technological area, it is necessary to revise and improve the policies of economical operation in the markets. Wholesale electrical markets have auctions mechanisms that allow malicious behavior of some players involved. This article presents...
This paper proposes a simple, yet rigorous, model for MW dependent ramp rates. The model is formulated as mixed linear integer constraints, and is appropriate for Unit Commitment and multi-interval dispatch formulations used by Independent System Operators (ISO) and self-scheduled generators in electricity markets. 5-bus examples are used to demonstrate the value of the proposed model, as it guarantees...
In the current US day-ahead electricity markets, auction is complicated because of the existence of both discrete variables and continuous variables, which implies that there may be no linear prices to support equilibrium. To meet the system demand, the Independent System Operator (ISO) uses lump sum “uplift payments” to make generators follow its schedule. However, these uplift payments are opaque...
Congestion management problem is a popular issue in power system which can be due to line, voltage and thermal constraints. This phenomenon can possibly lead to voltage instability occurrence, loss increment and voltage drop in power system. Therefore, a proper management of congestion should be carried appropriately in order to maintain system operability considering all the available constraints...
In electricity markets, the network is expected to transfer more power to promote profit, but the transfer capability will be affected by uncertainties. In order to quantify the probability and consequence of these uncertainties, the theory of risk is proposed to assess the available transfer capability (ATC). The means clustering method is used to layer the ATC values considering the uncertainties...
Power scheduling outcomes are observed through a comparison of three objective functions of power scheduling problem to reflect competition in electricity markets. Based on economic principles of nodal pricing, the optimal solutions of power scheduling problems are determined and analyzed. Sensitivity analysis and Monte Carlo simulations are employed to develop a framework for analyzing outcomes of...
Public policy in the U.S. and Europe has sought to control several major pollutants from power plants through a cap-and-trade system, whereby a secondary market is established for emissions permits. The costs of these emissions permits are a variable cost of power production and are thus integrated into regional electricity markets and locational wholesale electricity prices. Exposing retail consumers...
This paper compares the performances of two probabilistic techniques, namely (i) two-point estimate (2PE) method and (ii) Monte Carlo (MC) method, when modelling the uncertainties in market simulation. The demand, bid price, and capacity offer quantities are modelled as uncertain variables. A generalized zonal market model has been analysed with relaxed generation and network representation. A simplified...
Traditionally, the objective in undertaking a generation expansion planning (GEP) process has been to minimize the expected sum of yearly discounted costs (incorporate i.e., construction costs, operating costs, salvage value, etc.). Now, the objective is to apply GEP to today's competitive electricity markets in order to maximize the profits of individual GENCOs (i.e., the revenues based on market...
This paper discusses high-level functional requirements of the Energy Imbalance Service (EIS) market for the Southwest Power Pool (SPP) Regional Transmission Organization (RTO), in the USA. SPP has taken a controlled and step-by-step approach towards a full market model. Therefore, SPP has tried to introduce the EIS market on top of the traditional Market Participant (MP) activities with minimal impact...
This paper proposes an agent-based computational model of the Italian wholesale electricity market. In particular, the aim of the paper is to study how the strategic behavior of the thermal power plants can influence the level of price at a zonal and national level with respect of a typical daily load profile. The model reproduces exactly the market clearing procedure, i.e., day-ahead market (DAM)...
A novel conjectural variation-based bidding strategy combined with a Q-learning algorithm is presented in this paper. Generation companies are modeled as adaptive agents in the electricity markets. Conjectural variation is introduced to model rivals' reaction to one generation company's bidding strategy. Q-learning is used to model the bidding behavior of generation companies that can learn and adjust...
This paper proposes a new approach for long-term transmission expansion planning, from the ISO's point of view, in electricity markets where only the generation sector is deregulated. The strategic behavior of generation companies is simulated using the simulated annealing Q-learning technique, and the market operation is modeled. Considering the predicted system data, various likely generation expansion...
The use of an agent based simulation platform for market structure policy simulations in a restructured electricity markets reveal subtle insights with respect to the limited exercise of market power in situations where more conventional oligopoly models would suggest greater exploitation. The paper describes a detailed market simulation platform with agent strategies emerging as a result of simple...
We analyze the economic properties of the economic demand response program in the PJM electricity market. The original program provided subsidies and side payments to customers who agreed to reduce load in a given hour. The program featured a price level or "trigger point," set at $75/MWh, at or beyond which incentive payments for load reduction were made available. No incentives were available...
Multi-stage decision making, a fundamental tenet of stochastic programming, resonates well with the practice of the electricity markets. The day-ahead market, used to commit the generators, bears uncertainty in the power demand and physical conditions of the generators and transmission lines. The situation becomes less uncertain in the real-time market, where the dispatch is decided. Although traditional...
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