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Optimal equilibrium selection of price-maker agents in performance-based regulation market

Rayati, M ; Sharif University of Technology | 2022

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  1. Type of Document: Article
  2. DOI: 10.35833/MPCE.2019.000559
  3. Publisher: State Grid Electric Power Research Institute Nanjing Branch , 2022
  4. Abstract:
  5. This paper analyzes the oligopolistic equilibria of multiple price-maker agents in performance-based regulation (PBR) markets. In these markets, there are price-maker agents representing some frequency regulation (FR) providers and a number of independent price-taker FR providers. A model of equilibrium problem with equilibrium constraints (EPECs) is employed in this paper to study the equilibria of a PBR market in the presence of price-maker agents and price-taker FR providers. Due to the incorporation of the FR providers' dynamics, the proposed model is reformulated as a mixed-integer linear programming (MILP) problem over innovative mathematical techniques. An optimal equilibrium point is also selected for the market, where none of the agents is the unique deviator and the dynamic performance of power system is improved simultaneously. The effectiveness of the proposed optimal equilibrium point is evaluated by comparing the outputs with the conventional optimal dispatches of the FR providers. © 2013 State Grid Electric Power Research Institute
  6. Keywords:
  7. Equilibrium problem with equilibrium constraint (EPEC) ; Frequency regulation (FR) ; Mixed-integer linear programming (MILP) ; Multi-agent system ; Performance-based regulation (PBR) market ; Commerce ; Costs ; Integer programming ; Equilibrium constraint ; Equilibrium problem ; Equilibrium problem with equilibrium constraint ; Frequency regulation ; Frequency regulations ; Integer Linear Programming ; Mixed integer linear ; Mixed-integer linear programming ; Performance-based regulation ; Performance-based regulation market ; Regulation markets ; Multi agent systems
  8. Source: Journal of Modern Power Systems and Clean Energy ; Volume 10, Issue 1 , 2022 , Pages 204-212 ; 21965625 (ISSN)
  9. URL: https://ieeexplore.ieee.org/document/9265431