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Dynamic model for market-based capacity investment decision considering stochastic characteristic of wind power
, Article Renewable Energy ; Volume 36, Issue 8 , August , 2011 , Pages 2205-2219 ; 09601481 (ISSN) ; Hosseini, S. H ; Sharif University of Technology
2011
Abstract
This paper proposes a decentralized market-based model for long-term capacity investment decisions in a liberalized electricity market with significant wind power generation. In such an environment, investment and construction decisions are based on price signal feedbacks and imperfect foresight of future conditions in electricity market. System dynamics concepts are used to model structural characteristics of power market such as, long-term firms' behavior and relationships between variables, feedbacks and time delays. For conventional generation units, short-term price feedback for generation dispatching of forward market is implemented as well as long-term price expectation for...