Equilibrium Analysis of Electricity-Carbon Markets Considering Bounded Rationality

The power system currently generates a lot of carbon emissions. As an emerging markets player, prosumer can aggregate distributed renewable energy and reduce the volatility of renewable energy while effectively reducing the carbon emissions of the markets. Existing literature has studied the operati...

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Bibliographic Details
Published in2023 5th International Conference on Power and Energy Technology (ICPET) pp. 1385 - 1390
Main Authors Zhang, Haijing, Ge, Yiming, Wu, Youzhen, Wang, Zhenyu, An, Qi
Format Conference Proceeding
LanguageEnglish
Published IEEE 27.07.2023
Subjects
Aggregates
bounded rationality
Carbon dioxide
Costs
electricity-carbon markets
markets equilibrium
Mathematical models
Power systems
Pricing
prosumer
Renewable energy sources
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Summary:The power system currently generates a lot of carbon emissions. As an emerging markets player, prosumer can aggregate distributed renewable energy and reduce the volatility of renewable energy while effectively reducing the carbon emissions of the markets. Existing literature has studied the operation mode of prosumer participating in electricity-carbon markets. However, the bounded rationality of prosumer has a certain influence on the equilibrium of electricity-carbon markets, which is rarely studied. In view of the above knowledge gap, this paper explores the impact of bounded rationality on user consumption. First, we construct the bounded rational model of prosumer, and then we study the operation mode of prosumer participating in electricity-carbon markets. Finally, we solve the system model through the equilibrium algorithm. Case studies based on IEEE30 node verify the correctness of the electricity-carbon markets considering bounded rationality model.
DOI:10.1109/ICPET59380.2023.10367705