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Analysis of Multi-period Equilibrium in Electricity Markets with Resource Constraint

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4 Author(s)
Zeng Ming ; Res. Center of Energy & Electr. Econ., North China Electr. Power Univ., Beijing, China ; Wang Yuping ; Jiang Danwei ; Tian Kuo

Electricity market equilibrium model not only helps independent system operator/regulator analyze market performance and market power, but also provides market participants the ability to build optimal bidding strategies based on microeconomics analysis. Supply Function Equilibrium (SFE) is attractive compared to traditional models and many efforts have been made on it before. However, most past research focused on a single-period, single-market model and did not address the fact that generation companies hold a portfolio of assets in both electricity and fuel markets. This paper identifies a proper SFE model, which can be applied to a multiple-period situation. Then the paper develops the equilibrium condition using discrete time optimal control considering fuel resource constraints.

Published in:

Electrical and Control Engineering (ICECE), 2010 International Conference on

Date of Conference:

25-27 June 2010