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

Isamu Watanabe, Nobuyuki Yamaguchi, Takayuki Shiina, Ikuo Kurihara

Research output: Chapter in Book/Report/Conference proceedingConference 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 languageEnglish
Title of host publication2004 International Conference on Probabilistic Methods Applied to Power Systems
Pages403-408
Number of pages6
Publication statusPublished - 2004 Dec 1
Externally publishedYes
Event2004 International Conference on Probabilistic Methods Applied to Power Systems - Ames, IA, United States
Duration: 2004 Sep 122004 Sep 16

Publication series

Name2004 International Conference on Probabilistic Methods Applied to Power Systems

Other

Other2004 International Conference on Probabilistic Methods Applied to Power Systems
CountryUnited States
CityAmes, IA
Period04/9/1204/9/16

Keywords

  • Agent-based simulation
  • Electricity markets
  • Stochastic programming
  • Unit commitment

ASJC Scopus subject areas

  • Engineering(all)

Fingerprint Dive into the research topics of 'Agent-based simulation model of electricity market with stochastic unit commitment'. Together they form a unique fingerprint.

  • 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).