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 |
| 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 | United States |
| City | Ames, IA |
| Period | 04/9/12 → 04/9/16 |
Fingerprint
Keywords
- Agent-based simulation
- Electricity markets
- Stochastic programming
- Unit commitment
ASJC Scopus subject areas
- Engineering(all)
Cite this
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 (pp. 403-408). (2004 International Conference on Probabilistic Methods Applied to Power Systems).