Reference : Market dynamics driven by the decision-making power producers
Scientific congresses and symposiums : Paper published in a book
Engineering, computing & technology : Electrical & electronics engineering
Market dynamics driven by the decision-making power producers
Ernst, Damien mailto [Université de Liège - ULiège > Dép. d'électric., électron. et informat. (Inst.Montefiore) > Systèmes et modélisation >]
Minoia, Anna [ > > ]
Marija, Ilic [ > > ]
Proceedings of 2004 IREP Symposium - Bulk Power System Dynamics and Control - VI
2004 IREP Symposium - Bulk Power System Dynamics and Control - VI
August 2004
Cortina D'Ampezzo
[en] market dynamics ; ageznt-based simulations
[en] In this paper we consider a tool for analyzing the market outcomes when competitive agents (power producers) interact through the market place. The market clearing mechanism is based on the locational marginal price scheme.
A model of the strategic behavior is formulated for the agents. Each agent chooses its bid in order to maximize its profit by assuming that the other agents will post the same bid as at the previous session of the market, and by knowing the network characteristics.
The income of each agent over a certain temporal horizon for different power system configurations (the addition of new transmission capabilities, new power plants) is evaluated according to this market dynamics and by integrating this dynamics over the chosen temporal horizon.
The mathematical formulation, for the sake of simplicity, is related to a two node power system.
In the simulations, the influence of different conditions (line transfer capacity, the number and size of generators, the presence of portfolio) on market outcomes is analyzed, and interesting and sometimes counterintuitive results are found.
F.R.S.-FNRS - Fonds de la Recherche Scientifique
Researchers ; Professionals

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