Searching for noncooperative equilibria in centralized electricity markets
The use of Nash equilibria as strategic bidding solutions for players competing in a centralized electricity market has been explored in the literature. In addition, the existence of multiple market equilibria, both in pure and in mixed strategies, when system constraints are taken into account in t...
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Published in | IEEE transactions on power systems Vol. 18; no. 4; pp. 1417 - 1424 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
Published |
New York
IEEE
01.11.2003
The Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
Subjects | |
Online Access | Get full text |
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Summary: | The use of Nash equilibria as strategic bidding solutions for players competing in a centralized electricity market has been explored in the literature. In addition, the existence of multiple market equilibria, both in pure and in mixed strategies, when system constraints are taken into account in the market solution, has been shown for particular test cases. This paper addresses the difficult problem, due to its exponential order, of finding multiple equilibria in centralized electricity markets. A systematic procedure which allows the analysis of multimachine systems is employed. Moreover, some conclusions concerning the existence of multiple market equilibria in real networks are made possible by the method presented here. The paper carefully explains the models and market assumptions under discussion and details the algorithmic procedure for the search method. The IEEE 30-bus and 57-bus systems are used as test cases. |
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Bibliography: | ObjectType-Article-2 SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 23 |
ISSN: | 0885-8950 1558-0679 |
DOI: | 10.1109/TPWRS.2003.818692 |