Application of supply function equilibrium model to describe the interaction of generation companies in the electricity market. (English) Zbl 1407.91181
Kochetov, Yury (ed.) et al., Discrete optimization and operations research. 9th international conference, DOOR 2016, Vladivostok, Russia, September 19–23, 2016. Proceedings. Cham: Springer. Lect. Notes Comput. Sci. 9869, 469-479 (2016).
Summary: The paper studies the trade in the spot electricity market based on submitting bids of energy consumers and producers to the market operator. We investigate supply function equilibrium (SFE) model, in which generation capacities are integrated into large generation companies that have a common purpose of maximizing their profits. For this case we prove the existence and uniqueness of equilibrium for a linear function of aggregate demand and quadratic costs. The mechanism is tested on the basis of the Siberian electric power system, Russia.
For the entire collection see [Zbl 1346.90008].
For the entire collection see [Zbl 1346.90008].
MSC:
| 91B74 | Economic models of real-world systems (e.g., electricity markets, etc.) |
| 91B54 | Special types of economic markets (including Cournot, Bertrand) |
