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Capacity expansion equilibria in liberalized electricity markets: an EPEC approach

S. Wogrin, J. Barquín, E. Centeno

IEEE Transactions on Power Systems Vol. 28, nº. 2, pp. 1531 - 1539


This paper presents a novel way to model the generation capacity expansion problem in a liberalized framework via a multi-year bilevel equilibrium model. In the upper level the competing generation companies maximize their individual profits, while the lower level represents the market using a conjectured-price response approach, which allows us to vary the strategic spot market behavior, to see how much the reigning competitive behavior impacts investment decisions. The bilevel equilibrium model is formulated as an Equilibrium Problem with Equilibrium Constraints, transformed into a Mixed Integer Linear Program and solved as such using diagonalization in order to verify equilibria. We present a case study to apply this new modeling approach and to demonstrate that the proposed Equilibrium Problem with Equilibrium Constraints can have multiple solutions whose respective investments can vary.

Palabras Clave: Generation expansion planning, bilevel programming, equilibrium problem with equilibrium constraints (EPEC).

Índice de impacto JCR y cuartil WoS: 3,530 - Q1 (2013); 6,600 - Q1 (2022)

Referencia DOI: DOI icon

Publicado en papel: Mayo 2013.

Publicado on-line: Octubre 2012.

S. Wogrin, J. Barquín, E. Centeno, Capacity expansion equilibria in liberalized electricity markets: an EPEC approach. IEEE Transactions on Power Systems. Vol. 28, nº. 2, pp. 1531 - 1539, Mayo 2013. [Online: Octubre 2012]

    Líneas de investigación:
  • *Análisis de estrategia a largo plazo

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