[KSCI] Korea Science Citation Index Service

A Nash Bargaining Solution of Electric Power Transactions Embedding Transmission Pricing in the Competitive Electricity Market

Kang, Dong-Joo (Electricity Market Technology Research Group, ETRL, KERI)
Kim, Balho H. (Dept. of Electrical and Electronic Engineering, Hongik University)
Chung, Koo-Hyung (Dept. of Electrical and Electronic Engineering, Hongik University)
Moon, Young-Hwan (Electricity Market Technology Research Group, ETRL, KERI)

Publication Information

KIEE International Transactions on Power Engineering / v.3A, no.1, 2003 , pp. 42-46 More about this Journal

Abstract

The economic operation of a utility in a deregulated environment brings about optimization problems different from those in vertically integrated one［1］. While each utility operates its own generation capacity to maximize profit, the market operator (or system operator) manages and allocates all the system resources and facilities to achieve the maximum social welfare. This paper presents a sequential application of non-cooperative and cooperative game theories in analyzing the entire power transaction process.

Keywords

deregulation; optimization; maximum social welfare;

Citations & Related Records

Reference

1	J. K. Park, B. H. Kim, J. B Park, D. Y. Jeong, The In-troduction to Electric Power Industry Restructuring, pp.3-35, Electrical Engineering & Science Research Insti-tute, 2000
2	R. W. Ferrero, J. F. Rivera, and S. M. Shahidehpour, 'Application of Games with Incomplete Information for Pricing Electricity in Deregulated Power Pools,' IEEE Transactions on Power Systems, Vol. 13, No. 1, pp.184-189, Feb. 1998
3	H. Singh, 'Introduction to Game Theory and Its Appli-cation in Electric Power Markets,' IEEE Computer Applications in Power, Vol. 12, No.4, pp. 18-20 and 22, Oct. 1999 DOI ScienceOn
4	A. Dixit and S. Skeath, Games of Strategy, Norton, 1999, pp. 337-41
5	F. Wen and A. K. David, 'Optimal Bidding Strategy and Modeling of Imperfect Information Among Gen-erators,' IEEE Transactions on Power Systems, Vol 16, No. I, pp.15-21, February 2001