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 |
| 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 |
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 |
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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; Kurihara, Ikuo.
2004 International Conference on Probabilistic Methods Applied to Power Systems. 2004. p. 403-408.Research output: Chapter in Book/Report/Conference proceeding › Conference contribution
}
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
Y1 - 2004
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
SP - 403
EP - 408
BT - 2004 International Conference on Probabilistic Methods Applied to Power Systems
ER -