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

Mazaher Haji Bashi; Gholamreza  Yousefi; Habib  Gharagozloo; Hesam Khazraj; Claus Leth Bak; Filipe Miguel Faria da Silva

doi:10.1109/EEEIC.2018.8493776

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

Mazaher Haji Bashi, Gholamreza Yousefi, Habib Gharagozloo, Hesam Khazraj, Claus Leth Bak, Filipe Miguel Faria da Silva

Publikation: Bidrag til bog/antologi/rapport/konference proceeding › Konferenceartikel i proceeding › Forskning › peer review

4 Citationer (Scopus)

Abstract

Electricity market price profile is reasonable if in the high demand times, the higher prices are observed and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the wholesale electricity market. Naturally, higher SCM causes to lower price but, behavior distortions have been frequently addressed in the literature. In this paper, we study 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. An index is introduced to describe the overall market players' behaviors. Then, using adaptive Neurofuzzy inference system, a model for the overall bidding behavior is derived. The actual data of a real electricity market (IEM) are analyzed. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, the overall biding behavior in IEM is compared with DEM. Markov transition probability matrices are used to measure the variability of the market behavior in DEM. According to the results, mitigation approaches are proposed for IEM to release the market tightness problems.

Originalsprog	Engelsk
Titel	Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe
Antal sider	6
Udgivelsessted	Palermo, Italy
Forlag	IEEE Press
Publikationsdato	jun. 2018
Sider	1-6
Artikelnummer	8493776
ISBN (Trykt)	978-1-5386-5187-2
ISBN (Elektronisk)	9781538651858
DOI	https://doi.org/10.1109/EEEIC.2018.8493776
Status	Udgivet - jun. 2018
Begivenhed	IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe - Palermo, Italien Varighed: 12 jun. 2018 → 15 jun. 2018 https://www.eeeic.net/eeeic/

Konference

Konference	IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe
Land/Område	Italien
By	Palermo
Periode	12/06/2018 → 15/06/2018
Internetadresse	https://www.eeeic.net/eeeic/

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Citationsformater

Haji Bashi, M., Yousefi, G., Gharagozloo, H., Khazraj, H., Bak, C. L., & Silva, F. M. F. D. (2018). A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players. I Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe (s. 1-6). Artikel 8493776 IEEE Press. https://doi.org/10.1109/EEEIC.2018.8493776

Haji Bashi, Mazaher ; Yousefi, Gholamreza ; Gharagozloo, Habib et al. / A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players. Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe. Palermo, Italy : IEEE Press, 2018. s. 1-6

@inproceedings{310755b2817a4f13b6f2a4203dfa10fd,

title = "A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players",

abstract = "Electricity market price profile is reasonable if in the high demand times, the higher prices are observed and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the wholesale electricity market. Naturally, higher SCM causes to lower price but, behavior distortions have been frequently addressed in the literature. In this paper, we study 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. An index is introduced to describe the overall market players' behaviors. Then, using adaptive Neurofuzzy inference system, a model for the overall bidding behavior is derived. The actual data of a real electricity market (IEM) are analyzed. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, the overall biding behavior in IEM is compared with DEM. Markov transition probability matrices are used to measure the variability of the market behavior in DEM. According to the results, mitigation approaches are proposed for IEM to release the market tightness problems.",

keywords = "pay as bid market, uniform price market, markov model",

author = "{Haji Bashi}, Mazaher and Gholamreza Yousefi and Habib Gharagozloo and Hesam Khazraj and Bak, {Claus Leth} and Silva, {Filipe Miguel Faria da}",

year = "2018",

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note = "IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe, EEEIC 2018 ; Conference date: 12-06-2018 Through 15-06-2018",

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Haji Bashi, M, Yousefi, G, Gharagozloo, H, Khazraj, H, Bak, CL & Silva, FMFD 2018, A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players. i Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe., 8493776, IEEE Press, Palermo, Italy, s. 1-6, IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe, Palermo, Italien, 12/06/2018. https://doi.org/10.1109/EEEIC.2018.8493776

A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players. / Haji Bashi, Mazaher; Yousefi, Gholamreza ; Gharagozloo, Habib et al.
Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe. Palermo, Italy: IEEE Press, 2018. s. 1-6 8493776.

Publikation: Bidrag til bog/antologi/rapport/konference proceeding › Konferenceartikel i proceeding › Forskning › peer review

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AU - Yousefi, Gholamreza

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AB - Electricity market price profile is reasonable if in the high demand times, the higher prices are observed and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the wholesale electricity market. Naturally, higher SCM causes to lower price but, behavior distortions have been frequently addressed in the literature. In this paper, we study 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. An index is introduced to describe the overall market players' behaviors. Then, using adaptive Neurofuzzy inference system, a model for the overall bidding behavior is derived. The actual data of a real electricity market (IEM) are analyzed. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, the overall biding behavior in IEM is compared with DEM. Markov transition probability matrices are used to measure the variability of the market behavior in DEM. According to the results, mitigation approaches are proposed for IEM to release the market tightness problems.

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ER -

Haji Bashi M, Yousefi G, Gharagozloo H, Khazraj H, Bak CL , Silva FMFD. A Comparative Study on the Bidding Behaviour of Pay as Bid and Uniform Price Electricity Market Players. I Proceedings of the IEEE 18th International Conference on Environment and Electrical Engineering and 2nd Industrial and Commercial Power Systems Europe. Palermo, Italy: IEEE Press. 2018. s. 1-6. 8493776 doi: 10.1109/EEEIC.2018.8493776

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

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