Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2016.09.063 |
An agent-based simulation of power generation company behavior in electricity markets under different market-clearing mechanisms | |
Aliabadi, Danial Esmaeili; Kaya, Murat; Sahin, Guvenc | |
2017 | |
发表期刊 | ENERGY POLICY
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ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 100 |
文章类型 | Article |
语种 | 英语 |
国家 | Turkey |
英文摘要 | Deregulated electricity markets are expected to provide affordable electricity for consumers through promoting competition. Yet, the results do not always fulfill the expectations. The regulator's market-clearing mechanism is a strategic choice that may affect the level of competition in the market. We conceive of the market-clearing mechanism as composed of two components: pricing rules and rationing policies. We investigate the strategic behavior of power generation companies under different market-clearing mechanisms using an agent-based simulation model which integrates a game-theoretical understanding of the auction mechanism in the electricity market and generation companies' learning mechanism. Results of our simulation experiments are presented using various case studies representing different market settings. The market in simulations is observed to converge to a Nash equilibrium of the stage game or to a similar state under most parameter combinations. Compared to pay-as-bid pricing, bid prices are closer to marginal costs on average under uniform pricing while GenCos' total profit is also higher. The random rationing policy of the ISO turns out to be more successful in achieving lower bid prices and lower GenCo profits. In minimizing GenCos' total profit, a combination of pay-as-bid pricing rule and random rationing policy is observed to be the most promising. |
英文关键词 | Agent-based simulation Reinforcement learning Uniform pricing Pay-as-bid pricing DC-OPF Game-theory |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000391903900019 |
WOS关键词 | STRATEGIES |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/16748 |
专题 | 气候变化 |
作者单位 | Sabanci Univ, Fac Engn & Nat Sci, Istanbul, Turkey |
推荐引用方式 GB/T 7714 | Aliabadi, Danial Esmaeili,Kaya, Murat,Sahin, Guvenc. An agent-based simulation of power generation company behavior in electricity markets under different market-clearing mechanisms[J]. ENERGY POLICY,2017,100. |
APA | Aliabadi, Danial Esmaeili,Kaya, Murat,&Sahin, Guvenc.(2017).An agent-based simulation of power generation company behavior in electricity markets under different market-clearing mechanisms.ENERGY POLICY,100. |
MLA | Aliabadi, Danial Esmaeili,et al."An agent-based simulation of power generation company behavior in electricity markets under different market-clearing mechanisms".ENERGY POLICY 100(2017). |
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