Why did the California electricity crisis occur?: A numerical analysis using a multiagent intelligent simulator

IEEE Transactions on Systems, Man and Cybernetics Part C: Applications and Reviews

Volumn 38, Issue 6, 2008, Pages 779-790

  Sueyoshi, Toshiyuki ^a,b   Tadiparthi, Gopalakrishna Reddy ^a  

^a NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY   (United States)

^b NATIONAL CHENG KUNG UNIVERSITY   (Taiwan)

Author keywords

Agent based approach; Cybernetics; Reinforcement learning

Indexed keywords

CONTROL THEORY; ELECTRIC UTILITIES; ELECTRICITY; NUMERICAL ANALYSIS; PUBLIC UTILITIES; REINFORCEMENT; REINFORCEMENT LEARNING;

CALIFORNIA; CALIFORNIA ELECTRICITY CRISIS; DEMAND CHANGES; ELECTRIC UTILITY INDUSTRIES; ELECTRICITY DEREGULATIONS; ESTIMATION ACCURACIES; FUEL PRICES; MARKET POWERS; MULTI AGENTS; NUMERICAL EVIDENCES; POLICY MAKERS; PRICE FLUCTUATIONS; PRICE HIKES; PRICE INCREASES; PRODUCTION COSTS; WHOLESALE ELECTRICITIES;

COSTS;

EID: 56049126637     PISSN: 10946977     EISSN: None     Source Type: Journal    
DOI: 10.1109/TSMCC.2008.2001691     Document Type: Article

References (26)

1. Federal Energy Regulatory Commission, "Staff reports to the Federal Energy Regulatory Commission on Western markets and the causes of the summer 2000 price abnormalities," Nov. 1, 2000.
2. California Independent System Operator, Department of Market Analysis, "California energymarket issues and performance: May-June 2000,"Aug. 10, 2000.
3. California Power Exchange Corporation Compliance Unit, "Price movements in California electricity markets: Analysis of price activity May-July 2000," Sep. 29, 2000.
4. P. L. Joskow and E. Kahn, "A quantitative analysis of predicting behavior in California's wholesale electricity market during summer," Energy J., vol. 23, pp. 1-35, 2002.
5. T. Sueyoshi and G. R. Tadiparthi, "A wholesale power trading simulator with learning capabilities," IEEE Trans. Power Syst., vol. 20, no. 3, pp. 1330-1340, Aug. 2005.
6. T. Sueyoshi and G. R. Tadiparthi, "An agent-based approach to handle business complexity in US wholesale power trading," IEEE Trans. Power Syst., vol. 22, no. 2, pp. 532-543, May 2007.
7. T. Sueyoshi and G. R. Tadiparthi, "Wholesale power price dynamics under transmission line limits: A use of an agent-based intelligent simulator," IEEE Trans. Syst., Man, Cybern., C, Appl. Rev., vol. 38, no. 2, pp. 229-241, Mar. 2008.
8. T. Sueyoshi and G.R. Tadiparthi, "An agent-based decision support system for wholesale electricity market," Decision Support Syst., vol. 44, no. 2, pp. 425-446, Jan. 2008.
9. O. Abul, F. Polat, and R. Alhajj, "Multiagent reinforcement learning using function approximation," IEEE Trans. Syst., Man Cybern., C, Appl. Rev., vol. 30, no. 4, pp. 485-497, Nov. 2000.
10. M. Kaya and R. Alhajj, "A novel approach to multiagent reinforcement learning: Utilizing OLAP mining in the learning process," IEEE Trans. Syst., Man Cybern., C, Appl. Rev., vol. 35, no. 4, pp. 582-590, Nov. 2005.
11. J. Grossklags and C. Schmidt, "Software agents and market (in) efficiency: A human trader experiment," IEEE Trans. Syst., Man Cybern., C, Appl. Rev., vol. 36, no. 1, pp. 56-67, Jan. 2006.
12. V. L. R. Chinthalapati, N. Yadati, and R. Karumanchi, "Learning dynamic prices in multiseller electronic retail markets with price sensitive customers, stochastic demands, and inventory replenishments," IEEE Trans. Syst., Man Cybern., C, Appl. Rev., vol. 36, no. 1, pp. 92-106, Jan. 2006.
13. A. J. Bagnall, "A multi-adaptive agent model of generator bidding in the UK market in electricity," in Proc. Genetic Evol. Comput. Conf. Las Vegas, NV, 2000, pp. 605-612.
14. D. W. Bunn and F. S. Oliveira, "Agent-based simulation: An application to the new electricity trading arrangements of England and Wales," IEEE Trans. Evol. Comput., vol. 5, no. 5, pp. 493-503, Oct. 2001.
15. J. M. Jacobs, "Artificial power markets and unintended consequences," IEEE Trans. Power Syst., vol. 12, no. 2, pp. 968-972, May 1997.
16. T. Morikiyo and M. Goto, "Artificial trading for US wholesale electric power market," Asia Pacific Manag. Rev., vol. 9, pp. 751-782, 2004.
17. R. Axelrod, The Complexity of Cooperation. Princeton, NJ: Princeton Univ. Press, 1997.
18. R. Wilson, "Architecture of power markets," Econometrica, vol. 70, pp. 1299-1340, 2002.
19. S. Stoft, Power System Economics. Piscataway, NJ: IEEE, 2002.
20. I. Erev, I. Roth, and A. E. Roth, "Predicting how people play games: Reinforcement learning inexperimental games with unique, mixed strategy equilibria," Amer. Econ. Rev., vol. 88, pp. 848-881, 1998.
21. A. E. Roth and I. Erev, "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games Econ. Behavior, vol. 8, pp. 164-212, 1995.
22. M. Shahidehpour, H. Yamin, and Z. Li, Market Operations in Electric Power System. Hoboken, NJ: Wiley, 2002.
23. F. Gao, X. Guan, X. R. Cao, and A. Papalexpoulos, "Forecasting power market clearing price and quantity using a neural network method," in Proc. IEEE Power Eng. Soc. Transmiss. Distrib. Conf., Seattle, WA, 2000, pp. 2183-2188.
24. Z. J. Pan, Y. J. Chen, L. S. Kang, and Y. T. Zhang, "Parameter estimation by genetic algorithms for nonlinear regression," in Proc. Int. Conf. Optim. Tech. Appl. '95, vol. 2, Optimization Techniques and Applications, G. Z. Liu, Ed. Singapore: World Scientific, 1995, pp. 946-953.
25. S. Borenstein, J. B. Bushnell, and F. A. Wolak, "Measuring market inefficiencies in California's restructured wholesale electricity market," Amer. Econ. Rev., vol. 92, pp. 1376-1405, 2002.
26. F. A. Wolak, "Measuring unilateral market power in wholesale electricity markets: The California market, 1998-2000," Amer. Econ. Rev., vol. 93, pp. 425-430, 2003.