In this paper we compare Nash equilibria analysis and agent-based modelling for assessing the market dynamics of network-constrained pool markets. Power suppliers submit their bids to the market place in order to maximize their payoffs, where we apply reinforcement learning as a behavioral agent model. The market clearing mechanism is based on the locational marginal pricing scheme. Simulations...

1 Abstract In this paper, we combine a fairly complex system dynamics model of the Nord Pool power market with stochastic price models from financial economics. The idea is to combine the fundamental relationships (given by the system dynamics model) with a good representation of stochasticity from stochastic price models. The purpose is to provide long-term price prognoses for investment decis...

We show uniform, linear prices in power exchange markets, such as in the Amsterdam Power Exchange (APX) DayAhead market or the Nord Pool Elspot market, that allow nonconvex, “fill or kill” block bids by market participants may not result in an equilibrium in an economic sense, nor do they maximize surplus to market participants. We propose, as an alternative, a multi-part, discriminatory pricin...

the concept of countervailing power is a term to describe the situation in which the market power of one side (sellers) may be balanced by the market power of another side(buyers) in a given market. the purpose of this paper is to test this hypothesis and to determine whether the market power of sellers has had a restraining influence on increases in buyer market power in iran’s large industrie...

This paper presents a stochastic mixed-integer linear programming approach for solving the self-scheduling problem of a price-taker thermal and wind power producer taking part in a pool-based electricity market. Uncertainty on electricity price and wind power is considered through a set of scenarios. Numerical results from a case study are presented to illustrate the performance of the proposed...

Organized trading for electricity includes both the pool and the futures market. Pool prices are volatile while the prices of the futures-market products are comparatively more stable. Thus, futures-market products constitute hedging instruments to reduce the risk suffered by any market agent. Electricity market agents engage in both pool and futures market transactions seeking to maximize thei...

This paper proposes a novel decision making framework for an electricity retailer to procure its electric demand in a bilateral-pool market in presence of charging and discharging of electric vehicles (EVs). The operational framework is a two-stage programming model in which at the first stage, the retailer and EV aggregator do their medium-term planning. Determination of retailer's optimum sel...

This paper estimates the markup for the Mexican manufacturing sector to detect the impact of trade liberalization on market power. Using Hall’s proposal that states that a procyclical Solow residual is an indication of market power, this research estimates the markup for different periods to detect the change in market power after trade liberalization was implemented. We account for the potenti...

in today’s restructured environment, congestion management plays an essential role in power system operation. different methods are presented and discussed in this respect for congestion management in short-term and long-term intervals. it is attempted in the present paper to investigate the impact mechanism of facts devices and demand response programs together with generation re-dispatch as s...

One of the major problems in liberalized power markets is loss allocation. In this paper, a different method for allocating transmission losses to pool market participants is proposed. The proposed method is fundamentally based on decomposition of loss function and current projection concept. The method has been implemented and tested on several networks and one sample summarized in the paper. ...