Modeling market power in Korea's emerging power market

Ahn, Nam-Sung; Niemeyer, Victor

doi:10.1016/j.enpol.2005.12.027

Cited by 13 publications

(2 citation statements)

References 2 publications

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“…Game theory models optimize the bidding strategy model by studying the interaction between the economic players of the systems. For example, Ahn and Niemeyer (2007) modeled market power in Korea's emerging power market to show the effect of market power to increase market electricity prices. Bompard et al (2010) proposed a new and efficient approach for the network constrained electricity markets to find supply function equilibrium.…”

Section: Introductionmentioning

confidence: 99%

Interval prediction algorithm and optimal scenario making model for wind power producers bidding strategy

et al. 2021

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Nowadays, renewable energies are important sources for supplying electric power demand and a key entity of future energy markets. Therefore, wind power producers (WPPs) in most of the power systems in the world have a key role. On the other hand, the wind speed uncertainty makes WPPs deferent power generators, which in turn causes adequate bidding strategies, that leads to market rules, and the functional abilities of the turbines to penetrate the market. In this paper, a new bidding strategy has been proposed based on optimal scenario making for WPPs in a competitive power market. As known, the WPP generation is uncertain, and different scenarios must be created for wind power production. Therefore, a prediction intervals method has been improved in making scenarios and increase the accuracy of the presence of WPPs in the balancing market. Besides, a new optimization algorithm has been proposed called the grasshopper optimization algorithm to simulate the optimal bidding problem of WPPs. A set of numerical examples, as well as a case-study based on real-world data, allows illustrating and discussing the properties of the proposed method.

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Section: Introductionmentioning

confidence: 99%

Interval prediction algorithm and optimal scenario making model for wind power producers bidding strategy

et al. 2021

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“…The Cournot equilibrium model and the supply function equilibrium (SFE) model are two popular methods for power market equilibrium analysis. Ahn and Niemeyer (2007) developed a Cournot-based model and applied it to analyse the market power in the Korean power market. The results show a strong possibility of generators exercising market power and increasing market price.…”

Section: Introductionmentioning

confidence: 99%

Cournot equilibrium model for electricity markets with interruptible load program and wind power

Zhang

2013

Transactions of the Institute of Measurement and Control

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High wind power penetration presents many challenges to the flexibility and reliability of power system operation. In this environment, various demand response (DR) programs have received much attention. As an effective measure of DR programs, interruptible load (IL) programs have been widely used around the world. This paper addresses the concern of how the IL program impacts the equilibrium outcomes of electricity markets with wind power. First, a market demand model is developed to take consideration of the IL program. Next, a Cournot equilibrium model for electricity markets with an IL program and wind power is presented. The introduction of the IL program leads to a non-smooth equilibrium problem. To solve this equilibrium problem, a novel solution method is proposed. Finally, considering that wind power penetration will increase the risks faced by the conventional generators, the conditional value at risk is employed to measure the risk, so that the impact of the IL program on the generators’ risk can also be examined. Numerical examples are presented to verify the effectiveness of the method. It is shown that the IL program can lower market price and its volatility significantly. In addition, the IL program can help generators reduce their risks in the market, especially when the uncertainty in wind power output is relatively large.

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Cooperation Mechanism of Industrial Clusters Based on Pricing Game

Jiang

2013

Lecture Notes in Electrical Engineering

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Modeling market power in Korea's emerging power market

Cited by 13 publications

References 2 publications

Interval prediction algorithm and optimal scenario making model for wind power producers bidding strategy

Interval prediction algorithm and optimal scenario making model for wind power producers bidding strategy

Cournot equilibrium model for electricity markets with interruptible load program and wind power

Cooperation Mechanism of Industrial Clusters Based on Pricing Game

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