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| Content Provider | IET Digital Library |
|---|---|
| Author | Bashi, Mazaher Haji Yousefi, Gholam Reza Latify, Mohammad Amin Bak, Claus Leth |
| Abstract | In this study, a three-settlement electricity market including the day-ahead, risky, and real-time trades is analysed. A wind power producer faces generation uncertainty and needs to cover its real-time generation deviation unless it would be penalised. To do so, wind power producers participate in an intraday risky power market, as well as in the day-ahead and real-time markets. Mathematical program with equilibrium constraints (MPEC) is used to model the behaviour of each generation company in its profit maximisation process. The complementarity constraints describe the market clearings and constitute a bi-level optimisation problem for each company. The companies have a combination of wind and thermal power plants in their generation portfolios. Wind power uncertainty is modelled using plausible scenarios. The joint solution of all companies’ MPECs makes an equilibrium problem with equilibrium constraints (EPEC). This EPEC is linearised and solved using mixed integer linear programming techniques. EPEC solution gives the Nash equilibrium. Results show the effectiveness of the risky power trades on reducing the reserve requirements, increasing the wind power producers’ profit, and reducing the wind power spillage. |
| Starting Page | 3836 |
| Ending Page | 3846 |
| Page Count | 11 |
| ISSN | 17518687 |
| Volume Number | 13 |
| e-ISSN | 17518695 |
| Issue Number | Issue 17, Sep (2019) |
| Alternate Webpage(s) | https://digital-library.theiet.org/content/journals/iet-gtd/13/17 |
| Alternate Webpage(s) | https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2018.6458 |
| Journal | IET Generation, Transmission & Distribution |
| Publisher Date | 2019-06-25 |
| Access Restriction | Open |
| Rights Holder | © The Institution of Engineering and Technology |
| Subject Keyword | Bi-level Optimisation Problem Complementarity Constraint Day-ahead Electricity Market Equilibrium Constraint Equilibrium Problem Game Theory Generation Portfolios Generation Uncertainty High Wind Integer Programming Intraday Risky Power Market Intraday Risky Power Trades Linear Programming Market Clearings Optimisation Technique Power Generation Economics Power Market Power System Economics Power System Managemen Power System Operation Power Uncertainty Profitability Real-time Generation Deviation Real-time Markets Real-time Trades Thermal Power Plant Three-settlement Electricity Market Wind Power Plant Wind Power Producer Wind Power Producers Wind Power Spillage |
| Content Type | Text |
| Resource Type | Article |
| Subject | Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering |
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