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Modeling competition in electric energy markets by equilibrium constraints

A. Ramos, M. Ventosa, M. Rivier

Utilities Policy Vol. 7, nº. 4, pp. 233 - 242


Throughout the world, the electricity industry is currently undergoing significant restructuring toward deregulation and competition. Under this new framework, electric firms assume more risk, and are more responsible for their own decisions. Utilities need original models that fulfil these new requirements. This paper presents a novel conceptual approach to modeling the newly deregulated power markets. It combines powerful traditional tools related to the detailed system operation with techniques for modeling economic market equilibria. The proposed approach models the competitive behavior of the electric firms by incorporating a set of constraints, namely the equilibrium constraints, into a traditional production cost model. These constraints reproduce the first order optimality conditions of the strategic companies. Thus the approach achieves a profit maximization objective while keeping the system operation details. This model has been implemented in GAMS. An application to a sample case study is also presented.

Palabras Clave: Electricity Market Equilibrium; Unit Commitment; Mathematical Programming with Equilibrium Constraints

Índice de impacto JCR y cuartil WoS: 4,000 - Q2 (2022)

Referencia DOI: DOI icon

Publicado en papel: Febrero 1999.

Publicado on-line: Abril 1999.

A. Ramos, M. Ventosa, M. Rivier, Modeling competition in electric energy markets by equilibrium constraints. Utilities Policy. Vol. 7, nº. 4, pp. 233 - 242, Febrero 1999. [Online: Abril 1999]

    Líneas de investigación:
  • *Planificación Táctica a Medio Plazo
  • *Análisis de Estrategia a Largo Plazo

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