Modeling competition in electric energy markets by equilibrium constraints

Ramos, Andrés; Ventosa, Mariano; Rivier, Michel

doi:10.1016/s0957-1787(98)00016-2

Cited by 74 publications

(33 citation statements)

References 14 publications

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“…• Including market power in unit-commitment models involves the addition of side constraints that mimic strategic behavior, e.g., enforcing that marginal revenue is greater than or equal to marginal cost only if the unit is committed [29]. As [19] explains, such a constraint could become unwieldy for multi-period models as the marginal revenue may drop below the marginal cost for committed units during off-peak periods depending on the fixed costs.…”

Section: Research Objectives and Contributionmentioning

confidence: 99%

Market Power With Combined Heat and Power Production in the Nordic Energy System

Virasjoki

Siddiqui

Zakeri

et al. 2018

IEEE Trans. Power Syst.

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Abstract-The trend toward increasing energy efficiency and variable renewable energy (VRE) production has implications for combined heat and power (CHP) plants, which operate in both the price-driven power market and the district heating (DH) sector. Since CHP will be important in VRE integration, we develop a complementarity model to analyze CHP producers' roles in integrated markets. We use a Nordic case study to gain insights into (i) the effect of the link between CHP and DH on market power and (ii) market power's impact on operations in the DH sector. The results indicate that (i) the link of CHP to DH supply can increase market power and (ii) market power can induce shifts in DH production from heat-only to CHP.

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Section: Research Objectives and Contributionmentioning

confidence: 99%

Market Power With Combined Heat and Power Production in the Nordic Energy System

Virasjoki

Siddiqui

Zakeri

et al. 2018

IEEE Trans. Power Syst.

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“…Profit maximizing behavior of competitive GENCOs in a deregulated market can still be modeled in a traditional production cost model if markets and plants constraints are properly addressed [6]. Ramos et al [6] solved the production cost problem for unit commitment applying in a game theoretic framework and simulated the expected revenue of profit maximising generators.…”

Section: Introductionmentioning

confidence: 99%

“…Ramos et al [6] solved the production cost problem for unit commitment applying in a game theoretic framework and simulated the expected revenue of profit maximising generators. In their work, generator revenues, however, are calculated based on the short run marginal prices.…”

Section: Introductionmentioning

confidence: 99%

Generation Investment and Risks Modeling in a Deregulated Electricity Market

Limbu¹,

Saha²,

McDonald³

2010

International Journal of Emerging Electric Power Systems

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A new probabilistic model to simulate generation investment and risks applicable in a deregulated market is proposed. In this process, probabilistic production cost simulation is applied to simulate energy dispatches. Electricity prices are simulated from a modified Black-ScholesMerton (BSM) based price simulation model. In this work, the existing BSM model is enhanced thus making it possible to simulate the demand and supply conditions in price determination. A complete investment analysis model is then developed by integrating the above two simulation processes. Using this model, generator investors can analyze the impacts on the anticipated revenue due to different plant efficiency, availabilities, bilateral contract markets and changes in demand and supply conditions. Simulated results show that the proposed model is able to analyse the viability in generation investment with much simplicity.

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“…Baslis et al [6] and Pousinho et al [7] studied the strategic behavior via Mixed-integer linear programming (MILP) for a single hydropower supplier. Scott et al modeled two hydropower suppliers in a decentralized duopoly market, but their model only works for a relatively small number of reservoirs [8].…”

Section: Introductionmentioning

confidence: 99%

Simulation and Regulation of Market Operation in Hydro-Dominated Environment: The Yunnan Case

Chen

Liu

Cheng

et al. 2017

Water

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This paper presents an integrated method to obtain optimal market operation and regulation with the objective of reducing the market price and increasing the electricity consumption in hydro-dominated electricity markets, in which giant cascaded hydropower facilities along different rivers are main power suppliers. To this end, a comprehensive indicator composed of market prices and electricity consumption is proposed to evaluate the situation of hydro-dominated market operation. Moreover, an iterative algorithm is proposed to investigate the strategic behaviors of power suppliers and to simulate the operation of the market. Furthermore, an integrated solution methodology based on a multi-core parallel tabu genetic algorithm (MPTGA) is proposed to provide the optimal assignment of bilateral contracts, considering the market simulation, in order to achieve the optimal market regulation. The results from the case study, with real data based on Yunnan's electricity market, demonstrate that the proposed indicator and method are effective and efficient to simulate and regulate the market operation, and the effects of MPTGA are discussed last.

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Modeling competition in electric energy markets by equilibrium constraints

Cited by 74 publications

References 14 publications

Market Power With Combined Heat and Power Production in the Nordic Energy System

Market Power With Combined Heat and Power Production in the Nordic Energy System

Generation Investment and Risks Modeling in a Deregulated Electricity Market

Simulation and Regulation of Market Operation in Hydro-Dominated Environment: The Yunnan Case

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