Markov game approach for multi‐agent competitive bidding strategies in electricity market

Rashedi, Navid; Tajeddini, Mohammad Amin; Kebriaei, Hamed

doi:10.1049/iet-gtd.2016.0075

Cited by 56 publications

(29 citation statements)

References 30 publications

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“…Constraints (14) and (15) explain the total expected charge and discharge demand of EVs at each hour. Also, constraint (16) explains that all of the aggregators supply the charge/discharge process of EVs at each hour. Moreover, constraints (17) and (18) explain the limitation for the variables that show the percentage of demand to be supplied [25].…”

Section: Lower-level Formulationmentioning

confidence: 99%

“…Since the electricity industry is evolving into a distributed and competitive industry, some of the research works focused on a competitive environment to allow the EV owners to choose the proper aggregator [15][16][17]. In [15], the authors proposed an operational decision-making model for a distribution company (DisCo) in a competitive environment associated with distributed generation (DG) units and interruptible load options.…”

Section: Introductionmentioning

confidence: 99%

“…The DisCo's objective is to minimize the cost of market purchases and DG unit dispatch while considering the responses of other DisCos. Also, competitive behavior of suppliers in an electricity trading floor is modeled in [16] using a Markov game approach. Likewise, in [17], a cooperative game model is proposed to obtain the exchanges between EV parking lots and utilities in a spinning reserve market to compensate the uncertainties due to the stochastic nature of renewables.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets

Rashidizadeh‐Kermani

Anvari‐Moghaddam²,

Guerrero³

2018

Energies

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This paper proposes the problem of decision making of an electric vehicle (EV) aggregator in a competitive market in the presence of different uncertain resources. In the proposed model, a bi-level problem is formulated where, in the upper-level, the objective of the aggregator is to maximize its expected profit through its interactions and, in the lower-level, the EV owners minimize their payments. Therefore, the objectives of the upper and the lower-level are contrary. To solve the obtained nonlinear bi-level program, Karush-Kuhn-Tucker (KKT) optimality conditions and strong duality are applied to transform the initial problem into a linear single-level problem. Moreover, to deal with various uncertainties, including market prices, EVs charge/discharge demands and the prices offered by rivals, a risk measurement tool is incorporated into the problem. The proposed model is finally applied to a test system and its effectiveness is evaluated. Simulation results show that the proposed approach has the potential to offer significant benefits to the aggregator and EV owners for better decision-making in an uncertain environment. During different situations, it is observed that with increasing risk-aversion factor, as the aggregator tries to hedge against volatilities, its purchases from day-ahead and negative balancing markets decreases significantly. However, the participation of EV aggregator in the positive balancing market increases accordingly to make more profit.

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Section: Lower-level Formulationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets

Rashidizadeh‐Kermani

Anvari‐Moghaddam²,

Guerrero³

2018

Energies

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show abstract

“…Cooperative games, by creating the coalition of all players, allocate an assigned value (like kernel, nucleolus, Shapleyvalue, and Shapley-Shubik index) of a total surplus generated to each player [11]. Although, Game Theory has been more employed in electricity market issues [12,13], most recently employing Game Theory and MAS solutions in the field of Volt/Var control have been examined. In the category of non-cooperative games, in [14], to mitigate the adverse effects of DGs on the operation of the distribution network, a voltage regulation method based on generalised Nash game and MAS, has been proposed.…”

Section: Introductionmentioning

confidence: 99%

Wide‐area agent‐based scheme for Volt/Var control with a cooperative framework based on game theory

Nassaj

Shahrtash

2020

IET Generation, Transmission & Distribution

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“…In reference [31], a financial bilateral contract negotiation process using the Nash bargaining theory was analyzed to model a Pareto-efficient settlement point and predict negotiation outcomes under various conditions. To deal with the uncertainties, unknown parameters, and the dynamics of the electricity market, the supply function equilibrium model with a uniform price was considered in reference [32]; furthermore, a reinforcement learning method with non-cooperative multi-agent was utilized to find the optimal solution for the proposed Markov game model. From another perspective, the problems of the trading mechanism can be divided according to the number of participants in the negotiation on each side of the market.…”

Section: Introductionmentioning

confidence: 99%

An Agent-Based Two-Stage Trading Model for Direct Electricity Procurement of Large Consumers

et al. 2019

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Many electricity markets around the world are still at developmental and transitional stages. To complete the transition and achieve the key objectives of perfect market design, designers often choose direct electricity procurement of large consumers (LCs) as a pilot. The trading mechanism is critical because it lays the foundation for the exploration of formulating a trading model and the succeeding solution; however, the existing trading mechanisms of direct electricity procurement struggle to cope with new challenges that electric power systems are facing. This paper proposes a novel two-stage trading mechanism, considering both the fairness and efficiency of direct electricity procurement. Based on the proposed trading mechanism, an agent-based trading model with multiple participants is developed. The simulation results of the transactions between LCs and generation companies (GenCos) illustrate the feasibility and effectiveness of the proposed mechanism. With this mechanism, LCs and GenCos will have more choices in the trading process and can benefit from the reduction of the average market price. The two-stage trading model provides a new choice for market designers and participants of direct electricity procurement.

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Markov game approach for multi‐agent competitive bidding strategies in electricity market

Cited by 56 publications

References 30 publications

Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets

Optimal Decision-Making Strategy of an Electric Vehicle Aggregator in Short-Term Electricity Markets

Wide‐area agent‐based scheme for Volt/Var control with a cooperative framework based on game theory

An Agent-Based Two-Stage Trading Model for Direct Electricity Procurement of Large Consumers

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