NDLI: Finding multiperiod Nash equilibria in pool-based electricity markets

Content Provider	IEEE Xplore Digital Library
Author	de la Torre, S. Contreras, J. Conejo, A.J.
Copyright Year	1969
Abstract	Pool-based electricity markets can be simulated with various degrees of accuracy. When compared to actual markets, most of the simulators produce outcomes than cannot be extrapolated beyond the specific scenario analyzed. This is most critical for regulators and market participants which need tools to analyze market power and bidding strategies, respectively, for a broad range of scenarios. Both objectives can be tackled if the possible equilibria of a pool-based multiperiod market are determined. This paper presents a three-step methodology to find these equilibria. First, a detailed model of an electricity market is presented, considering multiperiod bidding, price elasticity, and network modeling. Second, an iterative simulation process is run to detect participants' bidding strategies implicit in the optimized production resulting from the simulation. Finally, output data from the simulator are analyzed to obtain Nash equilibria. Iterated deletion is used in the last step to remove strategies that are dominated by others that generate higher profits. A realistic case study illustrates the proposed technique.
Sponsorship	IEEE Power Engineering Society
Starting Page	643
Ending Page	651
Page Count	9
File Size	223038
File Format	PDF
ISSN	08858950
Volume Number	19
Issue Number	1
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2004-02-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Power markets Electricity supply industry Analytical models Regulators Production Elasticity Nash equilibrium Power generation Cost function Power system simulation
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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