NDLI: Strategic equilibrium of economic dispatch in smart grid with a bi-level game approach

Content Provider	IET Digital Library
Author	Yang, Jie Guo, Wenbo Ma, Kai Tian, Zhenhua Dou, Chunxia
Abstract	It is necessary to design an economic dispatch mechanism to ensure the stability of the electricity market and the equilibrium of pricing strategy in a smart grid with real-time pricing. In this study, the pricing strategy in the smart grid is analysed by modelling the economic dispatch problem as a bi-level game in the electricity market, including the wholesale market and the retail market. In the wholesale market, the negotiation of the wholesale price between the generation company and multiple utility companies is formulated as a Nash bargaining problem. In order to guarantee the profit of the generation company and the social welfare of the utility companies simultaneously, the Nash bargaining solution is adopted to find an optimal wholesale price. In the retail market, the Shapley value is utilised to achieve profit distribution among the utility companies, and then a distributed gradient algorithm is proposed to search for the optimal retail price. Numerical results demonstrate the effectiveness of the proposed algorithm and the superiority of the economic dispatch strategy.
Starting Page	2227
Ending Page	2236
Page Count	10
ISSN	17518687
Volume Number	14
e-ISSN	17518695
Issue Number	Issue 12, Jun (2020)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/14/12
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2019.1050
Journal	IET Generation, Transmission & Distribution
Publisher Date	2020-01-20
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Bi-level Game Approach Economic Dispatch Mechanism Economic Dispatch Problem Economic Dispatch Strategy Electricity Market Game Theory Multiple Utility Companies Nash Bargaining Problem Nash Bargaining Solution Optimal Retail Price Optimal Wholesale Price Optimisation Optimisation Technique Power Generation Dispatch Power Generation Economics Power Market Power System Economics Power System Managemen Power System Operation Pricing Pricing Strategy Profitability Real-time Pricing Retail Market Retailing Smart Grid Smart Power Grid Strategic Equilibrium Wholesale Market
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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