A Comparative Study on the Bidding Behavior of Pay as Bid and Uniform Price Electricity Market Players

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Abstract

High prices are expected for high demand times in the electricity markets and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the market. Naturally, higher SCM causes to lower price but, the players' behavior distortions have been frequently addressed in the literature. The overall producers’ bidding behaviors participating in Iran Electricity Market (IEM) as the low wind penetrated case and the Danish Electricity Market (DEM) as a high wind penetrated case are studied in this paper. An index is introduced to describe the overall market players’ behaviors. Considering the players' behavior and using adaptive Neuro-fuzzy inference system, a model is derived. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, players' biding behavior are compared in DEM and IEM. Markov transition probability matrices are used to measure the variability of the market behavior in DEM
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Detaljer

High prices are expected for high demand times in the electricity markets and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the market. Naturally, higher SCM causes to lower price but, the players' behavior distortions have been frequently addressed in the literature. The overall producers’ bidding behaviors participating in Iran Electricity Market (IEM) as the low wind penetrated case and the Danish Electricity Market (DEM) as a high wind penetrated case are studied in this paper. An index is introduced to describe the overall market players’ behaviors. Considering the players' behavior and using adaptive Neuro-fuzzy inference system, a model is derived. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, players' biding behavior are compared in DEM and IEM. Markov transition probability matrices are used to measure the variability of the market behavior in DEM
OriginalsprogEngelsk
TitelIEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe
Udgivelses stedPalermo, Italy
ForlagIEEE Press
Publikationsdato31 jan. 2018
StatusAccepteret/In press - 31 jan. 2018
PublikationsartForskning
Peer reviewJa
ID: 268345279