NDLI: Cournot model for Virginia's restructured electricity market

Content Provider	IEEE Xplore Digital Library
Author	Bilmanis, T. Daniello, N. Irfani, S. Robart, C. Garcia, A. Lark, J.
Copyright Year	2003
Description	Author affiliation: Dept. of Syst. & Inf. Eng., Virginia Univ., Charlottesville, VA, USA (Bilmanis, T.; Daniello, N.; Irfani, S.; Robart, C.; Garcia, A.; Lark, J.)
Abstract	A model to simulate the affect of restructuring in Virginia's electricity market, if and when restructuring occurs, would be extremely beneficial. Such a model will use data of the generation (supply) and transmission infrastructure as well as the major electricity loads (demand) to predict competitive prices. We present our first steps towards the implementation of such model. The specific oligopoly model chosen is known as "Cournot" model, where players decide how much to produce and market prices are obtained via an inverse demand function. The Cournot model implemented in Matlab was applied to Virginia's power network by first identifying its four main players and maximizing each players profit in terms of their respective generation quantities. An iterative procedure that converges to Cournot equilibrium was used. At the Cournot equilibrium, no single firm can profit from unilaterally changing its production decision.
Starting Page	25
Ending Page	34
File Size	571621
Page Count	10
File Format	PDF
ISBN	0974455903
DOI	10.1109/SIEDS.2003.158000
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2003-04-24
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Univesity of Virginia
Subject Keyword	Electricity supply industry Mathematical model Power generation Monopoly Systems engineering and theory Predictive models Oligopoly Production Government Costs
Content Type	Text
Resource Type	Article

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