Generator bidding in oligopolistic electricity markets using optimal control: Fundamentals and application

IEEE Transactions on Power Systems

Volumn 21, Issue 3, 2006, Pages 1050-1061

  Liu, Youfei ^a   Wu, Felix F ^a  

^a UNIVERSITY OF HONG KONG   (Hong Kong)

Author keywords

Generator bidding; Linear periodic system; Oligopolistic electricity markets; Optimal control; Sensitivity analysis

Indexed keywords

ELECTRIC GENERATORS; FEEDBACK CONTROL; MARKETING; OPTIMAL CONTROL SYSTEMS; OPTIMIZATION; SENSITIVITY ANALYSIS;

ELECTRICITY MARKETS; GENERATOR BIDDING; LINEAR PERIODIC SYSTEM; OLIGOPOLISTIC ELECTRICITY MARKETS;

ELECTRIC POWER SYSTEMS;

EID: 33747586547     PISSN: 08858950     EISSN: None     Source Type: Journal    
DOI: 10.1109/TPWRS.2006.876701     Document Type: Article

References (24)

1. S. Borenstein and J. Bushnell, "Market power in electricity markets: Beyond concentration measures," Energy J., vol. 20, no. 4, pp. 65-88, 1999.
2. H. Song, C.-C. Liu, J. Lawarrée, and R. W. Dahlgren, "Optimal electricity supply bidding by Markov decision process," IEEE Trans. Power Syst., vol. 15, no. 2, pp. 618-624, May. 2000.
3. F. Wen and A. K. David, "Optimal bidding strategies and modeling of imperfect information among competitive generators," IEEE Trans. Power Syst., vol. 16,no. 1, pp. 15-21, Feb. 2001.
4. X. Guan, Y.-C. Ho, and F. Lai, "An ordinal optimization based bidding strategy for electric power suppliers in the daily energy market," IEEE Trans. Power Syst., vol. 16, no. 4, pp. 788-797, Nov. 2001.
5. E. Ni, P. B. Luh, and S. Rourke, "Optimal integrated generation bidding and scheduling with risk management under a deregulated power market," IEEE Trans. Power Syst., vol. 19, no. 1, pp. 600-609, Feb. 2004.
6. H. Song, C.-C. Liu, and J. Lawarrée, "Nash equilibrium bidding strategies in a bilateral electricity market," IEEE Trans. Power Syst., vol. 17, no. 1, pp. 73-79, Feb. 2002.
7. J. B. Park, B. H. Kim, J. H. Kim, M. H. Jung, and J. K. Park, "A continuous strategy game for power transactions analysis in competitive electricity markets," IEEE Trans. Power Syst., vol. 16, no. 4, pp. 847-855, Nov. 2001.
8. R. Baldick, R. Grant, and E. Kahn, "Linear supply function equilibrium: Generalizations, applications and limitations," UCEI Working Paper Aug. 2000 [Online]. Available: http://www.ucei.Berkeley.edu/PDF/pwp078.pdf.
9. F. Alvarado, "The stability of power system markets," IEEE Trans. Power Syst., vol. 14, no. 2, pp. 505-511, May 1999.
10. P. Visudhiphan and M. D. Ilic, "Dynamic games-based modeling of electricity markets," in Proc. IEEE Power Eng. Soc. Winter Meeting, 1999, vol. 1, pp. 274-281.
11. A. R. Kian, J. J. B. Cruz, and R. J. Thomas, "Bidding strategies in oligopolistic dynamic electricity double-Sided auctions," IEEE Trans. Power Syst., vol. 20, no. 1, pp. 50-58, Feb. 2005.
12. Y. F. Liu, Y. X. Ni, and F. F. Wu, "Control theory application in power market stability analysis," in Proc. Electric Utility Deregulation, Restructuring, Power Technologies, Hong Kong, Apr. 2004, vol. 2, pp. 562-569.
13. M. Shahidehpour and M. Almoush, Restructured Electrical Power Systems: Operation, Trading, and Volatility. New York: Marcel Dekker, 2001.
14. E. R. Branch, "Short run income elasticity of demand for residential electricity using consumer expenditure survey data," Energy J., vol. 14, no. 3, pp. 111-121, 1993.
15. H. R. Varian, Microeconomic Analysis, 3rd ed.: Norton, 1992.
16. J. Contreras, O. Candiles, J. I. de la Fuente, and T. Gómez, "A cobweb bidding model for competitive electricity markets," IEEE Trans. Power Syst., vol. 17, no. 1, pp. 148-153, Feb. 2002.
17. C. T. Chen, Linear System Theory and Design, 3rd ed. London, U.K.: Oxford Univ. Press, 1998.
18. S. Bittanti, A. J. Laub, and J. C. Willems, The Riccati Equation. Berlin, Germany: Springer-Verlag, 1991.
19. R. F. Stengel, Stochastic Optimal Control: Theory and Application. New York: Wiley, 1986.
20. W. E. Schimitendorf and S. J. Citron, "On the applicability of the sweep method to optimal control problems," IEEE Trans. Autom. Control, vol. AC-14, no. 1, pp. 69-72, Jan. 1969.
21. [Online]. Available: http://www.ucei.berkeley.edu/.
22. D. Fudenberg and J. Tirole, Game theory. Cambridge, MA: MIT Press, 1991.
23. S. S. Oren, T. S. Pablo, P. Varaiya, and F. F. Wu, "Nodal prices and transmission rights: A critical appraisal," Elect. J., vol. 8, no. 3, pp. 24-35, 1995.
24. K. L. Teo, C. J. Goh, and K. H. Wong, A Unified Computational Approach To Optimal Control Problems. New York: Wiley, 1991.