Publication detail

Game-Theoretic Modeling of Electricity Markets in Central Europe

HRUBÝ, M. ČAMBALA, P. TOUFAR, J.

Original Title

Game-Theoretic Modeling of Electricity Markets in Central Europe

English Title

Game-Theoretic Modeling of Electricity Markets in Central Europe

Type

journal article - other

Language

en

Original Abstract

The paper deals with the methodology of computer modeling and simulation of complex markets with electricity and related products. The methodology is presented using a particular configuration of Central European markets with decentralized trading and international electricity transfers. The modeling approach is based on pure computer numerical solution in discrete state space determined by problems on which the modeled players are expected to decide -- price offered for electricity supplied to various markets, breakdown of total power generation into individual commodities (yearly band, monthly band, spinning reserve) and setting bids in auctions for cross-border profiles. Similar approach to decision-making is adopted on the buyer's side. Buyers are expected to strive to contract power supplies in the way that is most advantageous for them. The generated state space is then analyzed using concepts of mathematical game theory. In this way, we obtain a prediction of probable decisions of modeled players in their market competition. Finally, we present a simplified power system forecast for Central Europe for year 2009.

English abstract

The paper deals with the methodology of computer modeling and simulation of complex markets with electricity and related products. The methodology is presented using a particular configuration of Central European markets with decentralized trading and international electricity transfers. The modeling approach is based on pure computer numerical solution in discrete state space determined by problems on which the modeled players are expected to decide -- price offered for electricity supplied to various markets, breakdown of total power generation into individual commodities (yearly band, monthly band, spinning reserve) and setting bids in auctions for cross-border profiles. Similar approach to decision-making is adopted on the buyer's side. Buyers are expected to strive to contract power supplies in the way that is most advantageous for them. The generated state space is then analyzed using concepts of mathematical game theory. In this way, we obtain a prediction of probable decisions of modeled players in their market competition. Finally, we present a simplified power system forecast for Central Europe for year 2009.

Keywords

Prediction model, algorithmic game theory,modeling methodology, electricity markets

RIV year

2010

Released

25.02.2010

Publisher

NEUVEDEN

Location

NEUVEDEN

ISBN

1802-4696

Periodical

AUCO Czech Economic Review

Year of study

4

Number

1

State

CZ

Pages from

32

Pages to

61

Pages count

30

URL

Documents

BibTex


@article{BUT50800,
  author="Martin {Hrubý} and Petr {Čambala} and Jan {Toufar}",
  title="Game-Theoretic Modeling of Electricity Markets in Central Europe",
  annote="The paper deals with the methodology of computer modeling and simulation of
complex markets with electricity and related products. The methodology is
presented using a particular configuration of Central European markets with
decentralized trading and international electricity transfers. The modeling
approach is based on pure computer numerical solution in discrete state space
determined by problems on which the modeled players are expected to decide --
price offered for electricity supplied to various markets, breakdown of total
power generation into individual commodities (yearly band, monthly band, spinning
reserve) and setting bids in auctions for cross-border profiles. Similar approach
to decision-making is adopted on the buyer's side. Buyers are expected to strive
to contract power supplies in the way that is most advantageous for them. The
generated state space is then analyzed using concepts of mathematical game
theory. In this way, we obtain a prediction of probable decisions of modeled
players in their market competition. Finally, we present a simplified power
system forecast for Central Europe for year 2009.",
  address="NEUVEDEN",
  chapter="50800",
  edition="NEUVEDEN",
  howpublished="print",
  institution="NEUVEDEN",
  journal="AUCO Czech Economic Review",
  number="1",
  volume="4",
  year="2010",
  month="february",
  pages="32--61",
  publisher="NEUVEDEN",
  type="journal article - other"
}