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Article: A game-theoretic model for generation expansion planning: Problem formulation and numerical comparisons

TitleA game-theoretic model for generation expansion planning: Problem formulation and numerical comparisons
Authors
KeywordsEconomics
Game theory
Genetic algorithms
Power generation planning
Power generation reliability
Power industry
Issue Date2001
PublisherI E E E. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/RecentIssue.jsp?punumber=59
Citation
Ieee Transactions On Power Systems, 2001, v. 16 n. 4, p. 885-891 How to Cite?
AbstractThis paper presents an application of noncooperative game theory to generation expansion planning (GEP) in a competitive electricity industry. We apply the Cournot model of oligopoly behavior to formulate a GEP model that may characterize expansion planning in a competitive regime, particularly in pool-dominated generation supply industries. Numerical experiments are conducted on a test system to analyze generation investment and market participation decisions of candidate expansion units that vary in costs and forced outage rates. The numerical results point to: 1) greater industry expansion and system reliability, under Cournot competition than under centralized expansion planning; and 2) higher probabilistic measures of reliability from multi-player expansion than from expansion by a traditional monopolist with an equivalent reserve margin requirement. Furthermore, we summarize analytical results involving a simplified version of the GEP game.
Persistent Identifierhttp://hdl.handle.net/10722/42912
ISSN
2015 Impact Factor: 3.342
2015 SCImago Journal Rankings: 4.126
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorChuang, ASen_HK
dc.contributor.authorWu, Fen_HK
dc.contributor.authorVaraiya, Pen_HK
dc.date.accessioned2007-03-23T04:34:34Z-
dc.date.available2007-03-23T04:34:34Z-
dc.date.issued2001en_HK
dc.identifier.citationIeee Transactions On Power Systems, 2001, v. 16 n. 4, p. 885-891en_HK
dc.identifier.issn0885-8950en_HK
dc.identifier.urihttp://hdl.handle.net/10722/42912-
dc.description.abstractThis paper presents an application of noncooperative game theory to generation expansion planning (GEP) in a competitive electricity industry. We apply the Cournot model of oligopoly behavior to formulate a GEP model that may characterize expansion planning in a competitive regime, particularly in pool-dominated generation supply industries. Numerical experiments are conducted on a test system to analyze generation investment and market participation decisions of candidate expansion units that vary in costs and forced outage rates. The numerical results point to: 1) greater industry expansion and system reliability, under Cournot competition than under centralized expansion planning; and 2) higher probabilistic measures of reliability from multi-player expansion than from expansion by a traditional monopolist with an equivalent reserve margin requirement. Furthermore, we summarize analytical results involving a simplified version of the GEP game.en_HK
dc.format.extent262048 bytes-
dc.format.extent28160 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypeapplication/msword-
dc.languageengen_HK
dc.publisherI E E E. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/RecentIssue.jsp?punumber=59en_HK
dc.relation.ispartofIEEE Transactions on Power Systemsen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rights©2001 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.en_HK
dc.subjectEconomicsen_HK
dc.subjectGame theoryen_HK
dc.subjectGenetic algorithmsen_HK
dc.subjectPower generation planningen_HK
dc.subjectPower generation reliabilityen_HK
dc.subjectPower industryen_HK
dc.titleA game-theoretic model for generation expansion planning: Problem formulation and numerical comparisonsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0885-8950&volume=16&issue=4&spage=885&epage=891&date=2001&atitle=A+game-theoretic+model+for+generation+expansion+planning:+problem+formulation+and+numerical+comparisonsen_HK
dc.identifier.emailWu, F: ffwu@eee.hku.hken_HK
dc.identifier.authorityWu, F=rp00194en_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1109/59.962441en_HK
dc.identifier.scopuseid_2-s2.0-0035507084en_HK
dc.identifier.hkuros73168-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0035507084&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume16en_HK
dc.identifier.issue4en_HK
dc.identifier.spage885en_HK
dc.identifier.epage891en_HK
dc.identifier.isiWOS:000171787000043-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridChuang, AS=7006267881en_HK
dc.identifier.scopusauthoridWu, F=7403465107en_HK
dc.identifier.scopusauthoridVaraiya, P=7005905293en_HK

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