Agent-based simulation model of electricity market with stochastic unit commitment

Isamu Watanabe; Nobuyuki Yamaguchi; Takayuki Shiina; Ikuo Kurihara

Agent-based simulation model of electricity market with stochastic unit commitment

Isamu Watanabe^*, Nobuyuki Yamaguchi, Takayuki Shiina, Ikuo Kurihara

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

11 Citations (Scopus)

Abstract

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.

Original language	English
Title of host publication	2004 International Conference on Probabilistic Methods Applied to Power Systems
Pages	403-408
Number of pages	6
Publication status	Published - 2004 Dec 1
Externally published	Yes
Event	2004 International Conference on Probabilistic Methods Applied to Power Systems - Ames, IA, United States Duration: 2004 Sep 12 → 2004 Sep 16

Publication series

Name	2004 International Conference on Probabilistic Methods Applied to Power Systems

Other

Other	2004 International Conference on Probabilistic Methods Applied to Power Systems
Country/Territory	United States
City	Ames, IA
Period	04/9/12 → 04/9/16

Keywords

Agent-based simulation
Electricity markets
Stochastic programming
Unit commitment

ASJC Scopus subject areas

Engineering(all)

Cite this

Agent-based simulation model of electricity market with stochastic unit commitment. / Watanabe, Isamu; Yamaguchi, Nobuyuki; Shiina, Takayuki et al.

2004 International Conference on Probabilistic Methods Applied to Power Systems. 2004. p. 403-408 (2004 International Conference on Probabilistic Methods Applied to Power Systems).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Watanabe, I, Yamaguchi, N, Shiina, T & Kurihara, I 2004, Agent-based simulation model of electricity market with stochastic unit commitment. in 2004 International Conference on Probabilistic Methods Applied to Power Systems. 2004 International Conference on Probabilistic Methods Applied to Power Systems, pp. 403-408, 2004 International Conference on Probabilistic Methods Applied to Power Systems, Ames, IA, United States, 04/9/12.

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abstract = "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.",

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author = "Isamu Watanabe and Nobuyuki Yamaguchi and Takayuki Shiina and Ikuo Kurihara",

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AU - Yamaguchi, Nobuyuki

AU - Shiina, Takayuki

AU - Kurihara, Ikuo

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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.

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KW - Electricity markets

KW - Stochastic programming

KW - Unit commitment

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ER -

Agent-based simulation model of electricity market with stochastic unit commitment

Abstract

Publication series

Other

Keywords

ASJC Scopus subject areas

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