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Article: Generator bidding in oligopolistic electricity markets using optimal control: Fundamentals and application

TitleGenerator bidding in oligopolistic electricity markets using optimal control: Fundamentals and application
Authors
KeywordsGenerator bidding
Linear periodic system
Oligopolistic electricity markets
Optimal control
Sensitivity analysis
Issue Date2006
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, 2006, v. 21 n. 3, p. 1050-1061 How to Cite?
AbstractIn this paper, optimal control is applied to study generator bidding in an oligopolistic electricity market. The repeated bidding process in (hourly-based) real-time electricity markets is modeled as a dynamic feedback system; an optimal control problem is then formulated to explore individual generator's long-term/multiperiod optimization behavior. Particularly in our formulation, the periodic property of the system demand is considered. Several lemmas are included for concerning system stability. Based on the necessary conditions for optimality from the Pontryagin maximum principle, a sweeping method is proposed, and an optimal state-feedback control rule is then obtained via backward induction. Numerical results suggest that the generator who unilaterally applies optimal control for generation decisions will obtain more profits. A sensitivity analysis is also performed, identifying these market factors that affect the performance of optimal control. © 2006 IEEE.
Persistent Identifierhttp://hdl.handle.net/10722/73894
ISSN
2015 Impact Factor: 3.342
2015 SCImago Journal Rankings: 4.126
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLiu, Yen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2010-09-06T06:55:48Z-
dc.date.available2010-09-06T06:55:48Z-
dc.date.issued2006en_HK
dc.identifier.citationIeee Transactions On Power Systems, 2006, v. 21 n. 3, p. 1050-1061en_HK
dc.identifier.issn0885-8950en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73894-
dc.description.abstractIn this paper, optimal control is applied to study generator bidding in an oligopolistic electricity market. The repeated bidding process in (hourly-based) real-time electricity markets is modeled as a dynamic feedback system; an optimal control problem is then formulated to explore individual generator's long-term/multiperiod optimization behavior. Particularly in our formulation, the periodic property of the system demand is considered. Several lemmas are included for concerning system stability. Based on the necessary conditions for optimality from the Pontryagin maximum principle, a sweeping method is proposed, and an optimal state-feedback control rule is then obtained via backward induction. Numerical results suggest that the generator who unilaterally applies optimal control for generation decisions will obtain more profits. A sensitivity analysis is also performed, identifying these market factors that affect the performance of optimal control. © 2006 IEEE.en_HK
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.rights©2006 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.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectGenerator biddingen_HK
dc.subjectLinear periodic systemen_HK
dc.subjectOligopolistic electricity marketsen_HK
dc.subjectOptimal controlen_HK
dc.subjectSensitivity analysisen_HK
dc.titleGenerator bidding in oligopolistic electricity markets using optimal control: Fundamentals and applicationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0885-8950&volume=21 No 3&spage=1050&epage=1061&date=2006&atitle=Generator+Bidding+in+Oligopolistic+Electricity+Markets+Using+Optimal+Control+:+Fundamentals+and+Applicationen_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.1109/TPWRS.2006.876701en_HK
dc.identifier.scopuseid_2-s2.0-33747586547en_HK
dc.identifier.hkuros119192en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33747586547&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume21en_HK
dc.identifier.issue3en_HK
dc.identifier.spage1050en_HK
dc.identifier.epage1061en_HK
dc.identifier.isiWOS:000239355300004-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridLiu, Y=22835324100en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK
dc.identifier.citeulike5226223-

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