This paper proposes a game-theoretic framework for quantifying effects of strategic bidding behavior of load aggregators (LAs) on wholesale electricity market equilibrium. The independent system operator (ISO) employs double-sided auction design to settle transactions in the wholesale electricity market. Generating companies (GENCOs) and LAs submit their bids to the ISO in the economic model of...

Under the Energy Internet concept the distribution and management of resources in the electricity market have been gradually transiting from a centralized pattern to a decentralized pattern. Correspondingly, the methodological model for the analysis of economic behaviors needs to be upgraded too. Based on the idea of non-cooperative game theory, this paper puts forward a tripartite game model f...

This paper presents a novel approach for evaluating impacts of price-sensitive loads on electricity price and market power. To accomplish this aim an analytical method along with agent-based computational economics are used. At first, Nash equilibrium is achieved by computational approach of Q-learning then based on the optimal bidding strategies of GenCos, which are figured out by Q-learning, ...

In the context of liberalized markets, market outcomes generally result from the strategic interactions of all market players. Generation company (Genco), as the distributed players, build their subjective demand evaluations (SDFs) about market for optimal bidding purpose. Due to the differences in terms of data availability and modeling techniques, subjective demand models held by various Genc...

Electric power restructuring offers a major change to the vertically integrated monopoly. The change manifests the main part of engineers’ efforts to reshape the three components of today’s vertically integrated monopoly: generation, distribution and transmission. In a restructured environment, the main tasks of these three components will remain the same as before, however, to comply with ...

An important goal of China’s electric power system reform is to create a double-side day-ahead wholesale electricity market in the future, where the suppliers (represented by GenCOs) and demanders (represented by DisCOs) compete simultaneously with each other in one market. Therefore, modeling and simulating the dynamic bidding process and the equilibrium in the double-side day-ahead electricit...

According to Sustainable Development Goals (SDGs), societies should have access affordable, reliable, and sustainable energy. Liberalized electricity markets been established provide affordable for end-users through advertising competition. Although these new are designed serve competition, there recorded incidents where participants abused their market power disrupted the competition collusion...

In an electricity market, every generation company (GENCO) attempts to maximize profit according to other participants bidding behaviors and power systems operating conditions. The goal of this study is to examine the optimal bidding strategy problem for GENCOs in energy and spinning reserve markets based on a hybrid GA-heuristic optimization algorithm. The heuristic optimization algorithm used...

Deregulation process has created an intense competition with the participation of many generating companies (GENCOs) in a power market. Wholesale transactions (bids and offer) have to be cleared and settled in a shorter duration. Therefore, this necessitates for the system operator to quick and smarter decisions. In this problem formulation, profit based unit commitment (PBUC) problem aims in m...