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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Yan Sun Overbye, T.J. |
| Copyright Year | 2005 |
| Description | Author affiliation: University of Illinois at Urbana-Champaign (Yan Sun) |
| Abstract | Market power potential is a major concern in design, planning, operations and control of electricity markets. This paper uses a perturbation analysis in the linear programming (LP) OPF context to examine market power potentials of generation companies (GenCos) gained by small-scale output withholdings. Based on the definition for market power, we use a two-step scheme. With small-scale withholdings simulated by bid perturbations, the GenCos' profitability from bid perturbations is first examined, and then the effects on locational marginal prices (LMPs) of the identified profitable bid perturbations are investigated. With the LP OPF, LMPs and generators' dispatched output might be differentiable or discontinuous as bidding parameters perturb. For the differentiable case, profit and LMP sensitivities are calculated to analyze profitability and market power potentials. For the discontinuous cases, we explicitly calculate the jumps in LMPs or dispatches, and examine the incentive of GenCos to cause these jumps as well as the effects of these jumps on market outcomes. The proposed perturbation analysis provides valuable insights for both the GenCos and the independent system operator (ISO). For the GenCos, the profitability analysis provides guidance in how to perturb their bids and with which other GenCos they should merge or collude to reap more profit. For the ISO, the market power potential results are insightful in examining the vulnerability of the market in face of generation bidding manipulations and predicting GenCos' bidding behaviors. |
| File Size | 181188 |
| File Format | |
| ISBN | 0769522688 |
| ISSN | 15301605 |
| DOI | 10.1109/HICSS.2005.402 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2005-01-06 |
| Publisher Place | USA |
| Access Restriction | Subscribed |
| Rights Holder | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Subject Keyword | Electric potential Power markets Linear programming Electricity supply industry Power generation Profitability ISO Predictive models Oligopoly Power measurement |
| Content Type | Text |
| Resource Type | Article |
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