Continuous Reinforcement Algorithm and Robust Economic Dispatching-Based Spot Electricity Market Modeling considering Strategic Behaviors of Wind Power Producers and Other Participants

Abstract

In a spot wholesale electricity market containing strategic bidding interactions among wind power producers and other participants such as fossil generation companies and distribution companies, the randomly fluctuating natures of wind power hinders not only the modeling and simulating of the dynamic bidding process and equilibrium of the electricity market but also the effectiveness about keeping economy and reliability in market clearing (economic dispatching) corresponding to the independent system operator. Because the gradient descent continuous actor-critic algorithm is demonstrated as an effective method in dealing with Markov’s decision-making problems with continuous state and action spaces and the robust economic dispatch model can optimize the permitted real-time wind power deviation intervals based on wind power producers’ bidding power output, in this paper, considering bidding interactions among wind power producers and other participants, we propose a gradient descent continuous actor-critic algorithm-based hour-ahead electricity market modeling approach with the robust economic dispatch model embedded. Simulations are implemented on the IEEE 30-bus test system, which, to some extent, verifies the market operation economy and the robustness against wind power fluctuations by using our proposed modeling approach.

Identification of Generating Units That Abuse Market Power in Electricity Spot Market Based on AdaBoost-DT Algorithm

“…Liu et al [7] consider five types of market indicators (market supply and demand, market structure, bidding strategy, supplier position, and trading results) and propose a system for evaluating the abuse of market power by generating units. Zhao et al [8] propose a process for implementing the comprehensive evaluation index system of the electricity market based on the multilevel fuzzy comprehensive evaluation method. In these studies, evaluation indexes based on the characteristics of data on generating units are constructed, as well as the comprehensive evaluation method to identify market power abuse.…”