A dynamic model of the electricity generation market
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1998.
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| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2009
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| Online Access: | http://hdl.handle.net/1721.1/47726 |
| _version_ | 1811075862859087872 |
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| author | Visudhiphan, Poonsaeng, 1973- |
| author2 | Marija D. Ilić. |
| author_facet | Marija D. Ilić. Visudhiphan, Poonsaeng, 1973- |
| author_sort | Visudhiphan, Poonsaeng, 1973- |
| collection | MIT |
| description | Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1998. |
| first_indexed | 2024-09-23T10:13:00Z |
| format | Thesis |
| id | mit-1721.1/47726 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T10:13:00Z |
| publishDate | 2009 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/477262020-07-14T22:01:33Z A dynamic model of the electricity generation market Visudhiphan, Poonsaeng, 1973- Marija D. Ilić. Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science Electrical Engineering and Computer Science Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1998. Includes bibliographical references (leaves 105-107). This thesis proposes that the bidding process that occurs daily in the competitive short-run power market can be modeled as a dynamic system, or a dynamic game played by electricity generators. Such a game is a finitely repeated one of complete but imperfect information. In this thesis, a dynamic model representing a small shortrun power market is formulated as a repeated game. Daily price competition provides sufficient information for the generators to estimate their bids. The next bids of each generator are proposed as functions of the previous and current bids. Results from the dynamic model show that the generators' bidding strategy affects the dynamics of the modeled power market. Different strategies yield different market clearing price patterns. Moreover, a step-supply function bid, in which an offer price relates to an offer quantity by a marginal-cost function, and the maximum available capacity of each generator, can cause inefficient prices in some scheduling periods and/or might result in inefficient dispatches in each scheduling day. In addition, depending on the bidding strategy that is uniformly applied to the model, although there is certainty of inelastic anticipated demand in the model, the repeated bidding processes tends to allow the generators to "learn" from the market so that they can tacitly collude to create demand deficiency. It is further suggested here that when demand deficiency unexpectedly occurs in peak-load periods, a real-time market (i.e., an hour-ahead market) might be needed so that supply always meets demand. by Poonsaeng Visudhiphan. S.M. 2009-10-01T15:35:29Z 2009-10-01T15:35:29Z 1998 1998 Thesis http://hdl.handle.net/1721.1/47726 42678421 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 107 leaves application/pdf Massachusetts Institute of Technology |
| spellingShingle | Electrical Engineering and Computer Science Visudhiphan, Poonsaeng, 1973- A dynamic model of the electricity generation market |
| title | A dynamic model of the electricity generation market |
| title_full | A dynamic model of the electricity generation market |
| title_fullStr | A dynamic model of the electricity generation market |
| title_full_unstemmed | A dynamic model of the electricity generation market |
| title_short | A dynamic model of the electricity generation market |
| title_sort | dynamic model of the electricity generation market |
| topic | Electrical Engineering and Computer Science |
| url | http://hdl.handle.net/1721.1/47726 |
| work_keys_str_mv | AT visudhiphanpoonsaeng1973 adynamicmodeloftheelectricitygenerationmarket AT visudhiphanpoonsaeng1973 dynamicmodeloftheelectricitygenerationmarket |