An analysis of market mechanism and bidding strategy for power balancing market mixed by conventional and renewable energy

Bo Jie, Takao Tsuji, Kenko Uchida

    研究成果: Conference contribution

    3 被引用数 (Scopus)

    抄録

    Recently, with the penetration of renewable energy sources, the balancing market becomes more important worldwide. With the purpose of profit-maximization, suppliers are constantly researching the bidding strategy when bidding into the auction of balancing market. There are two mainstreams of auction mechanisms in balancing markets: 'uniform-price auction' based on marginal fuel cost and 'pay-as-bid auction' with discriminatory pricing. We have so far analyzed the difference of the clearing point given by both these two mechanisms. Here, the bidding strategy of market participants were modelled by using Q-Learning in which expected final reward of each player in the balancing market was maximized. The simulation result also depends on the simulation model, in particular, the marginal cost of generating plants. So, it is necessary for us to explore the various simulation settings to find out the desirable market mechanism. On the other hand, in Japan, the balancing market should be set out in the future as real time market. Under this condition, in this paper, we mainly evaluate the rationality of the trading based on the uniform-price and pay-as-bid auction mechanisms by using more realistic power system model considering the future power and energy situation in Japan.

    本文言語English
    ホスト出版物のタイトル2017 14th International Conference on the European Energy Market, EEM 2017
    出版社IEEE Computer Society
    ISBN(電子版)9781509054992
    DOI
    出版ステータスPublished - 2017 7 14
    イベント14th International Conference on the European Energy Market, EEM 2017 - Dresden, Germany
    継続期間: 2017 6 62017 6 9

    Other

    Other14th International Conference on the European Energy Market, EEM 2017
    CountryGermany
    CityDresden
    Period17/6/617/6/9

    ASJC Scopus subject areas

    • Marketing
    • Energy Engineering and Power Technology
    • Fuel Technology

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