NDLI: The portfolio analysis of electricity market with transmission constraints

Content Provider	IEEE Xplore Digital Library
Author	Zhou, Z. Chan, W.K.V. Chow, J.H. Kotsan, S.
Copyright Year	2010
Description	Author affiliation: New York Independent System Operator, Rensselaer, 12144, USA (Kotsan, S.) \|\| Department of Electrical, Computer, and Systems Engineering, Rensselaer Polytechnic Institute, Troy, NY, 12180, USA (Chow, J.H.) \|\| Department of Decision Sciences and Engineering Systems, Rensselaer Polytechnic Institute, Troy, NY, 12180, USA (Zhou, Z.; Chan, W.K.V.)
Abstract	In this paper, we define the portfolio of a generation company as the coordination of a set of generation units, which differ in production cost, capacity, and geographical location. A portfolio allows a generation company to coordinate its generators to bid strategically to earn profit more than what can be achieved without coordination. In a constrained transmission network, for example, a generation company can raise the electricity prices at a particular zone by congesting the inbound transmission lines through importing electricity from neighboring zones where other cheaper generation units of the company located. Understanding generation companies' bidding behaviors under such situation is therefore crucial to ensure market fairness. In this paper, we use an agent-based approach to model the electricity market as a multi-player game and investigate how the transmission capacity and installed capacity of generation companies affect their bidding strategies under both a monopoly market and a non-monopoly market. We demonstrate conditions under which generation companies will prefer a coordination strategy over a non-coordination one.
Starting Page	1
Ending Page	8
File Size	532214
Page Count	8
File Format	PDF
ISBN	9781424465491
ISSN	19449925
e-ISBN	9781424465514
e-ISBN	9781424483570
DOI	10.1109/PES.2010.5588069
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-07-25
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Generators Companies Electricity Electricity supply industry Load modeling Production ISO transmission congestion Agent-based simulation bidding strategy electricity market generation portfolio
Content Type	Text
Resource Type	Article

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