By Topic

The comparisons between pricing methods on pool-based electricity market using agent-based simulation

Sign In

Cookies must be enabled to login.After enabling cookies , please use refresh or reload or ctrl+f5 on the browser for the login options.

Formats Non-Member Member
$31 $13
Learn how you can qualify for the best price for this item!
Become an IEEE Member or Subscribe to
IEEE Xplore for exclusive pricing!
close button

puzzle piece

IEEE membership options for an individual and IEEE Xplore subscriptions for an organization offer the most affordable access to essential journal articles, conference papers, standards, eBooks, and eLearning courses.

Learn more about:

IEEE membership

IEEE Xplore subscriptions

3 Author(s)
Zou Bin ; Dept. of Autom., Shanghai Univ., China ; Yan Maosong ; Xie Xianya

Because of the existences of market power and economies of scale, there have been various pricing methods proposed for pool-based electricity market, for example, uniform clearing pricing method (UCP), pay as bid pricing (PAB) and the electricity value equivalent (EVE) pricing method. An agent-based simulation model is developed in this paper to compare the market characteristics under different pricing methods. In this model the generators learn bidding strategy using reinforced learning algorithm in repeated bidding game to seek for their maximum profits. Simulation result is presented based on the data from IEEE Reliability Test System, showing that the EVE pricing method has many market characteristics better than other pricing methods. For example, when EVE is used in market pricing, there exists little room for a power supplier to raise the market price by his strategic bidding and the market becomes robust in some sense. And also EVE provides an intrinsic and reasonable mechanism to compensate the capacity investment automatically.

Published in:

Electric Utility Deregulation, Restructuring and Power Technologies, 2004. (DRPT 2004). Proceedings of the 2004 IEEE International Conference on  (Volume:1 )

Date of Conference:

5-8 April 2004