An Analytical Investigation for Nash Equilibriums of Generation Markets
In this paper, Nash equilibriums of generation markets are investigated using a game theory application for simplified competitive electricity markets. We analyze the characteristics of equilibrium states in N-company spot markets modeled by uniform pricing auctions and propose a new method for obtaining Nash equilibriums of the auction. We assume that spot markets are operated as uniform pricing auctions and that each generation company submits its bids into the auction in the form of a seal-bid. Depending on the bids of generation companies, market demands are allocated to each company accordingly. The uniform pricing auction in this analysis can be formulated as a non-cooperative and static game in which generation companies correspond to players of the game. The coefficient of the bidding function of company-n is the strategy of player-n (company-n) and the payoff of player-n is defined as its profit from the uniform price auction. The solution of this game can be obtained using the concept of the non-cooperative equilibrium originating from the Nash idea. Based on the so called residual demand curve, we can derive the best response function of each generation company in the uniform pricing auction with N companies, analytically. Finally, we present an efficient means to obtain all the possible equilibrium set pairs and to examine their feasibilities as Nash equilibriums. A simple numerical example with three generation companies is demonstrated to illustrate the basic idea of the proposed methodology. From this, we can see the applicability of the proposed method to the real-world problem, even though further future analysis is required.
- G.B.Sheble, 'Price based operation in an auction market structure', IEEE Trans. on Power Systems, Vol.11, No.4, pp. 1770-1777, November 1996
- F. Nishimura, R. D. Tabors, M. D. Ilic, and J. R. Lacalle-Melero, 'Benefit Optimization of Centralized and Decentralized Power Systems in a Multi-Utility Environment', IEEE Trans. on Power Systems, Vol. 8, No. 3, pp. 1180-1186, August 1993
- R. W. Ferrero, S.M.Shahidehpour, and V.C.Ramesh, 'Transaction analysis in deregulated power systems using game theory', IEEE Trans. on Power Systems, Vol.12, No.3, pp. 1340-1347, November 1997
- H.Singh, S.Hao, and A.Papalexopoulos, 'Power auctions and network constraints', Proceedings of the Thirtieth Hawaii International Conference on System Sciences, Vol.5, pp. 608-614, 1997
- J. Schwarz, 'Overview of the EU Electricity Directive', IEEE Power Engineering Review, Vol. 20, No. 4, April. 2000
- Jin-Ho Kim, Jong-Bae Park, Jong-Keun Park, and Balho H. Kim, 'A New Approach to Maintenance Scheduling Problems Based on Dynamic Game Theory', KIEE International Transactions on Power Engineering, Vol. 12A, No. 2, pp. 73-79, June 2002
- F.A.Rahimi and A.Vojdani, 'Meet the emerging transmission market segment', IEEE Computer Applications in Power, Vol.12, No.1, pp. 26-32, January 1999
- A. Rudkevich, M. Duckworth and R. Rosen, 'Modeling electricity pricing in a deregulated generation industry: the potential for oligopoly pricing in a poolco' , Energy Journal, Vol. 19, No. 3, pp. 19-48, August 1998
- Jong-Bae Park, Balho H. Kim, Jin-Ho Kim, Manho Joung, and Jong-Keun Park, 'A Continuous Strategy Game for Power Transactions Analysis in Competitive Electricity Markets', IEEE Trans. on Power Systems, Vol. 16, No. 4, pp. 847-855, November 2001
- IEEE, IEEE Tutorial on Game Theory Applications in Electric Power Markets, 99 TP136-0, 1999
- NDSL :
- DBPia : 저널
유료 다운로드의 경우 해당 사이트의 정책에 따라 신규 회원가입, 로그인, 유료 구매 등이 필요할 수 있습니다. 해당 사이트에서 발생하는 귀하의 모든 정보활동은 NDSL의 서비스 정책과 무관합니다.
원문복사신청을 하시면, 일부 해외 인쇄학술지의 경우 외국학술지지원센터(FRIC)에서
무료 원문복사 서비스를 제공합니다.
NDSL에서는 해당 원문을 복사서비스하고 있습니다. 위의 원문복사신청 또는 장바구니 담기를 통하여 원문복사서비스 이용이 가능합니다.
- 이 논문과 함께 출판된 논문 + 더보기