A game theory simulator for assessing the performances of competitive electricity markets

Bompard, Ettore; Carpaneto, Enrico; Gao, Ciwei; Napoli, Roberto; Benini, Michele; Gallanti, Massimo; Migliavacca, Gianluigi

doi:10.1016/j.epsr.2007.02.007

Cited by 32 publications

(16 citation statements)

References 11 publications

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“…A static computational game theoretic model has also been developed [4] to investigate the impacts of competition on the wholesale price of electricity, the demand for electricity, the profits of firms, and levels of various polluting emissions. A Medium Run Electricity Market Simulator (MREMS) based on game theory was presented in [5]. This simulator incorporated two different games, one for the unit commitment of thermal units and one for strategic bidding and hourly market clearing.…”

Section: Introductionmentioning

confidence: 99%

“…The different types of games are categorized by number of players involved, symmetry of the game, and whether or not, cooperation among players is allowed. In the literature for power markets, the different game models used include: cooperative [34,35,36,37], non-cooperative [20,38], Stackelberg [9,39], multi-leader-follower [9], Forchheimer (one leader) [5], and Bertrand games (all players are leaders) [5]. Beside the application in power markets, game theory has been used in diverse, and related fields such as: analysis of Electric Vehicle (EV) charging station construction [40], charging method for plugged in hybrid EVs [41], analysis of power grid vulnerability [42], performance evaluation of thermal power plants [43], analysis of effects of higher domestic gas prices in Russia on the European gas market [44], and interactive energy management of networked microgrid-based active distribution systems [45].…”

Section: Introductionmentioning

confidence: 99%

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Non-cooperative game-theoretic model of demand response aggregator competition for selling stored energy in storage devices

2017

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Non-cooperative game-theoretic model of demand response aggregator competition for selling stored energy in storage devices

2017

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“…Since game theory simulators are closely connected with market equilibrium models, several works have tackled the use of game theory models and/or agent-based models within electricity markets' simulators [12], [13]. In addition, other type of equilibria, such as Forchheimer (one leader) or Bertrand (all player are leaders), are studied in an electricity market simulator framework [14].…”

Section: Introductionmentioning

confidence: 99%

Short- and long-term Nash equilibria in electricity markets

Contreras

Pozo

2009

2009 IEEE Power &Amp; Energy Society General Meeting

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In competitive electricity markets, companies simultaneously offer their productions to obtain the maximum profits on a daily basis. In the long run, the strategies utilized by the electric companies lead to various long-term equilibria that can be analyzed with the appropriate tools. We present a methodology to find plausible long-term Nash equilibria in poolbased electricity markets. The methodology is based on an iterative market Nash equilibrium model in which the companies can decide upon their offer strategies. An exponential smoothing of the bids submitted by the companies is applied to facilitate the convergence of the iterative procedure. We introduce the concept of meta-game equilibrium strategies to allow companies to have a range of offer strategies where several pure and mixed metagame Nash equilibria are possible. The application of the proposed methodology is illustrated with a realistic case study to illustrate the effect on equilibria, prices and profits of different offer strategies and coalitions of generating companies. Pure and mixed Nash equilibria for short-and long-term periods are obtained and discussed.Index Terms-Pure Nash equilibrium, mixed Nash equilibrium, market simulation, meta-game, exponential smoothing.

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“…Short run simulators [1,2,3,4], medium run simulators [5,6,25] and long run simulators [7,8,26] have been developed under different modeling hypotheses. Different models based on Game Theory [9,10,11,12] calculate market equilibria resorting both to classic theories [14,15,36] and to supply functions [16,17,18,19] and to auctions theory [20,21,22].…”

Section: Introductionmentioning

confidence: 99%

SREMS: a short-medium run electricity market simulator based on game theory and incorporating network constraints

Migliavacca

2007

2007 IEEE Lausanne Power Tech

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This paper outlines the main features of SREMS, a short-medium run electricity market simulator based on game theory. Some original features are: a full description of markets zonal structure and an original unit commitment algorithm triying to reproduce GenCos' real operative behavior.Index Terms-electricity markets, strategic bidding, medium run simulator, game theory Gianluigi Migliavacca graduated in Electronic Engineering at the Polytechnic University of Milan in 1991. In 1994 he joined the Automation Research Center of ENEL where he has been responsible of research activities in the field of mathematical modeling and numerical methods for the dynamic simulation of thermal power plants. In 2000 he joined CESI in Milan and then CESI Ricerca, where he presently works, carrying out research activities involving simulation and dealing with regulatory issues of electricity markets and cross border trade. In 2005 he was also consultant at the Italian Regulatory Authority for Electricity and Gas both about the so called Athens process, concerning the energy markets of the Countries of South-East Europe, and about Cross Border Trade and congestion management in the Central-South European area. He is also member of IFAC committee Power Plants and Power Systems. He also organizes courses on electricity market topics in the frame of the consortium EES-UETP.

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A game theory simulator for assessing the performances of competitive electricity markets

Cited by 32 publications

References 11 publications

Non-cooperative game-theoretic model of demand response aggregator competition for selling stored energy in storage devices

Non-cooperative game-theoretic model of demand response aggregator competition for selling stored energy in storage devices

Short- and long-term Nash equilibria in electricity markets

SREMS: a short-medium run electricity market simulator based on game theory and incorporating network constraints

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