By Topic

Evaluation of Regulatory Impacts on Dynamic Behavior of Investments in Electricity Markets: A New Hybrid DP/GAME Framework

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

4 Author(s)
Barforoushi, T. ; Dept. of Electr. Eng., Tarbiat Modares Univ., Tehran, Iran ; Moghaddam, M.P. ; Javidi, M.H. ; Sheikh-El-Eslami, M.K.

A new hybrid framework based on game theory and dynamic programming (DP) with random demands and prices is proposed for studying the impacts of regulatory interventions on the dynamics of investment in power generation in electricity markets. In our approach, using Markov chains, the electric demand and growth of fuel prices have been modeled. DP has been used for solving the generation expansion planning (GEP) problem. Investment strategies of other investors in the market are modeled as constraints. The income of the investor is calculated by modeling strategic interactions among market players in the spot energy market. The Cournot game concept has been applied and the Nash equilibrium is calculated for each state and stage of DP. Simulation results confirm that the proposed framework is an appropriate decision-support tool that provides useful information about dynamics of investment.

Published in:

Power Systems, IEEE Transactions on  (Volume:25 ,  Issue: 4 )