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In the course of the German energy transition, the energy system is facing major transformations. In order to analyze and understand structural changes, system modeling is an appropriate approach to create an image of reality. Various models of the electricity and the gas market allow for an independent analysis of both systems. Due to the increasing importance of sector coupling technologies, a separate...
Deregulation is, restructuring the rules and economic incentives that the government setup to control and drive the Electric Supply Industry (ESI). It is also called as open power market, competitive power market, vertically unbundled market etc. With the introduction of deregulation, the electric power industry needs changes in various power system operation, control and planning activities. In this...
We analyse the efficiency of markets with friction, particularly power markets. We model the market as a dynamic system with {dt; t ≥ 0} the demand process and {st; t ≥ 0} the supply process. Using stochastic differential equations to model the dynamics with friction, we investigate the efficiency of the market under an integrated expected cost function. Under this model, an efficiency-volatility...
This paper presents an optimization framework for a load aggregator with electric energy storage (EES) to determine its net imported power in electricity markets. The EES is operated by the load aggregator. The imported power from both day-ahead and real-time markets is a combination of the load and the EES power charging and discharging. The load aggregator's objective is to minimize its energy cost...
The dynamic supply function model considering the decision-marking of market participants and transmission constrains of power network in power market is established. The different dynamic behaviors are analyzed, such as Nash equilibrium, period and chaos. With the average profit as the economic evaluation index, the economic performances of dynamic behaviors in the states of Nash equilibrium, period...
The abundant market participants and transactions, as well as the flexibility of the power system planning and operation make tremendous challenges to the transmission investment. According to the real-option characteristics of transmission investment, the framework of the transmission investment decision is given. Then the market-clearing midel is bulit to realize the most efficient operation of...
This paper presents two small test systems for power system economic studies. The first system is based on the original PJM 5-bus system, which contains data related to real power only, because it demonstrates results based on the linearized DC optimal power flow (OPF) model. This paper suggests some modification to the original data, as well as new parameters related to reactive power such that AC-model-based...
This paper combines two previous techniques, reference independent LMP decomposition and fictitious nodal demand (FND), to achieve an improved LMP model. The combined model distributes system losses in each individual line such that there is no mismatch in every bus. Also, the reference independent LMP decomposition is still preserved..
A common practice for the Ex Post LMP calculation at a number of US ISOs uses a small constant range, typically from -2.0 MW to +0.1 MW, as each generator's lower and upper bounds. However, this paper shows that this common practice lacks theoretic justification and may lead to inconsistent results. For example, if the ex post dispatch results are identical to the ex ante dispatch schedules, it is...
With the relative theory of commercial investment in transmission, the commercial investment mode based on the diversification of property rights is studied. The paper summarizes and compares the different models based on the regulation and market, proposes the challenges that faced by commercial investment in transmission, and analyzes the commercial investment mode under different condition.
The basic contents and ideas of "the Tragedy of the Commons" are introduced in this paper. The conclusion that the shortage of power-energy-supply in China in 2008 resulted from the price distortion originates from the theory of "the Tragedy of the Commons", meanwhile, the application of complete information static game theory gives the quantitative analysis of the issue that the...
This paper employed the theory of real option to analyze investment decision-making for power generator in a completely competitive power market, a investment threshold model considered power bidding of power generator and their quadratic production cost function was presented. The results of the model were simulated and analyzed with the Matlab software, and the results indicated that the main conclusions...
An effective nodal price modeling is the key factor in managing transmission issues, which is able to generate correct economic signal. This paper examines the main idea behind the congestion-based nodal price modeling and further discusses the techniques used to incorporate transmission usage tariff into the model as a scheme of the authors' proposed models. In this comprehensive approach pricing...
We discuss examples of implementations of agent-based simulation models in several European countries. Agent-based modeling and simulation (ABMS) is increasingly used as a tool to analyze power markets around the world and test the robustness of electricity markets and their underlying rules. The diversity of market designs, the complexities in their configurations with multitudes of participants,...
In Brazil, power supply safety criteria is established by the sector regulation, the power supply insufficiency risk must not exceed 5% limit. Thus, the tools that enable agents to model the rationing more accurately became necessary, estimating the impact caused by such kind of event and the future consequences. The official model used by Brazilian electric sector to carry out the expansion planning...
In the initial stage of electric power marketization, the power supply enterprises are expected to participate in the market competition and engage in the public services as well. Meanwhile, the electricity sales price should be set by considering the interests of enterprises, users and all aspects of the society. Based on welfare economics theory, to take region as a unit and select the economic...
Electric power generation market has game characteristics such as players with incomplete information and bounded rationality. To meet such requirements, evolutionary game theory is applied. Based on the differences among units status of generation companies, modeling and simulation are carried out for the biding strategy of each generating unit by random pairing with another member of game population...
This paper describes a simple way to estimate a recently introduced nonlinear stochastic power market model based on the stochastically resonating spiking mechanism.
As independent economic entity, each power generation company in China participates in current electric power market competition by price bidding. Multi-population replicator dynamics of evolutionary game theory is applied to model and simulate power generation companiespsila discriminatory and bounded rationality bidding strategies according to different generating set status in a power market. The...
In the power market which is introduced competition, a power generation company as an unattached economic entity needs to determine the optimal bidding strategy in order to get the most income. In allusion to this problem, power generation companiespsila bidding behavior is modeled and simulated on Repast platform with an idea of Multi-Agent which combines both theories of game and complex adaptive...
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