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 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
Country/TerritoryUnited States
CityAmes, IA
Period04/9/1204/9/16

Keywords

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

ASJC Scopus subject areas

  • Engineering(all)

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