TY - GEN
T1 - Agent-based simulation model of electricity market with stochastic unit commitment
AU - Watanabe, Isamu
AU - Yamaguchi, Nobuyuki
AU - Shiina, Takayuki
AU - Kurihara, Ikuo
PY - 2004/12/1
Y1 - 2004/12/1
N2 - We propose an agent-based simulation model of electricity market incorporating the price-based unit commitment (price-based UC). In the proposed model, an agent owning a set of generating units solves the price-based UC and forms its next-day bidding strategy based on the optimal schedule obtained. The solution approach to the price-based UC is based on Lagrangian relaxation and dynamic programming. This approach gives the optimal schedule based on a forecasted price profile. The simulation results show that each agent can obtain an appropriate next-day bidding strategy by solving the price-based UC.
AB - We propose an agent-based simulation model of electricity market incorporating the price-based unit commitment (price-based UC). In the proposed model, an agent owning a set of generating units solves the price-based UC and forms its next-day bidding strategy based on the optimal schedule obtained. The solution approach to the price-based UC is based on Lagrangian relaxation and dynamic programming. This approach gives the optimal schedule based on a forecasted price profile. The simulation results show that each agent can obtain an appropriate next-day bidding strategy by solving the price-based UC.
KW - Agent-based simulation
KW - Electricity markets
KW - Stochastic programming
KW - Unit commitment
UR - http://www.scopus.com/inward/record.url?scp=14544283239&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=14544283239&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:14544283239
SN - 0976131919
T3 - 2004 International Conference on Probabilistic Methods Applied to Power Systems
SP - 403
EP - 408
BT - 2004 International Conference on Probabilistic Methods Applied to Power Systems
T2 - 2004 International Conference on Probabilistic Methods Applied to Power Systems
Y2 - 12 September 2004 through 16 September 2004
ER -