• 제목/요약/키워드: electricity price

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게임이론을 이용한 전력시장 정보의 불완비성 해석 (Analysis on Incomplete Information in an Electricity Market using Game Theory)

  • 이광호;신재홍
    • 대한전기학회논문지:전력기술부문A
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    • 제55권5호
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    • pp.214-219
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    • 2006
  • Oligopoly differs from perfect competition and monopoly in that a firm must consider rival firms' behavior to determine its own best policy. This interrelationship among firms is the issue examined in this paper. In the oligopoly market, the complete information market means that each producer has full information about itself, the market, and its rivals. That is, each producer knows the market demand function, its own cost function and the cost functions of rivals. On the other hand, the incomplete information market means that in general each producer lacks full information about the market or its rivals. Here, we assume that each firm doesn't know the cost functions and the strategic biddings of its rivals. The main purpose of this paper is to analyze firm' strategic behaviors and equilibrium in an electricity market with incomplete information. In the case study, the complete information market and the incomplete market are compared at the Nash Equilibrium from the viewpoints of market price, transaction quantities, consumer benefits, and Social Welfare.

The Investor's Behavior in Competitive Korean Electricity Market

  • Ahn, Nam-Sung;Kim, Hyun-Shil
    • 한국시스템다이내믹스연구
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    • 제6권2호
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    • pp.25-35
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    • 2005
  • This paper describes the mechanism for new investment to appear in waves of boom and bust causing alternative periods of over and under supply of electricity in Korean market. A system dynamics model was developed to describe the dynamic behavior of new investment in Korean market. The simulation results show the boom and bust cycle in the new investments. When the market price is high, investors decide to build new power plants. However, it takes some delay time to complete new power plants. When the new power plants are being added into the grid, the supply increases and the wholesale price begins to decrease. This causes the cancellation of new power plant or delay the construction. This mechanism causes the boom and bust cycle in new investment.

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신.재생에너지이용 발전전력 기준가격 산정에서의 쟁점 (Critical Issues in Assessing Feed-In Tariffs of Electricity from New and Renewable Energies)

  • 김은일;김건훈
    • 한국신재생에너지학회:학술대회논문집
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    • 한국신재생에너지학회 2008년도 춘계학술대회 논문집
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    • pp.87-90
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    • 2008
  • Levelized generation cost(LGC) has been widely used in assessing feed-in tariffs(FiT) for electricity generating from new and renewable energies. Current FiTs for renewable electricity in Korea have been fixed and applied with realistic economic data by the efforts of KERI(Korea Electrotechnology Research Institute) since October 2006. Some critical issues on the estimation of LGC are, however, found in KERI's report. Major issues are the estimation of capital cost, the consideration of corporate tax, and the application of economic life cycle in the formulae for LGC. These critical issues are examined and interpreted in a correct way in this paper.

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수요자원시장의 입찰경쟁 모형화 및 게임 이론적 해석 (Modeling of Demand Side Bidding in Demand Resource Market using Game Theory)

  • 이광호;조성위
    • 전기학회논문지
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    • 제59권12호
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    • pp.2143-2149
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    • 2010
  • Market price and curtailment amounts of the Demand Resource Market(DRM) are determined by competition between electricity consumers. An important aspect of the DRM involves the assessment of strategic behavior of participants for maximizing their profits. This paper presents economic equilibrium models for simulating imperfect competition among electricity consumers in the DRM and analyzes the models at Nash Equilibrium of Game Theory. The proposed demand functions and supply functions of DRM are based on the Demand Resource Market Rules in Korean electricity market. Simulation results show that the models are adequate for obtaining Nash Equilibrium of consumers' competitive curtailment.

Modeling of an Electricity Market Including Operating Reserve and Analysis of Supplier's Bidding Strategies

  • Shin Jae-Hong;Lee Kwang-Ho
    • KIEE International Transactions on Power Engineering
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    • 제5A권4호
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    • pp.396-402
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    • 2005
  • In an electricity market with imperfect competition, participants devise bidding plans and transaction strategies to maximize their own profits. The market price and the quantity are concerned with the operation reserve as well as the bidding system and demand curves in an electricity market. This paper presents a market model combined by an energy market and an operating reserve market. The competition of the generation producers in the combined market is formulated as a gaming of selecting bid parameters such as intersections and slopes in bid functions. The Nash Equilibrium (NE) is analyzed by using bi-level optimization; maximization of Social Welfare (SW) and maximization of the producers' profits.

도시철도 시스템 전기요금 절감을 위한 혼합정수계획법 기반 ESS(에너지저장장치) 스케줄링 기법 (Mixed Integer Programming (MIP)-based Energy Storage System Scheduling Method for Reducing the Electricity Purchasing Cost in an Urban Railroad System)

  • 고락경;공성배;주성관
    • 전기학회논문지
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    • 제64권7호
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    • pp.1125-1129
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    • 2015
  • Increasing peak load is one of the major concerns about operation of urban railroad systems. Since ESSs (Energy Storage Systems) have a great potential for shaving the peak load, there has been a growing interest in the use of ESS for peak load reduction. Also, ESS can be optimally scheduled to minimize the electricity purchasing cost under a given ToU (Time-of-Use) tariff by taking advantage of electricity price difference between peak and off-peak time. This paper presents a Mixed Integer Programming (MIP)-based ESS scheduling method to minimize the electricity purchasing cost under a ToU tariff for an urban railroad system.

게임이론을 적용한 전력시장 전력거래방식의 후생 측면 비교 연구 (A Comparative Welfare Analysis on the Trading System in an Electricity Market by Using Game Theory)

  • 이광호
    • 대한전기학회논문지:전력기술부문A
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    • 제52권10호
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    • pp.616-623
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    • 2003
  • Competition among electric generation companies is a major goal of restructuring in the electricity industry, The trading system in an electricity market has been one of the most important issues in deregulated electricity market. This paper deals with comparisons of the major two types of the trading system: compulsory pool market and bilateral contract market. The two trading systems are compared quantitatively from the viewpoint of consumer's surplus and social welfare, This paper, also, proposes a unified model of Cournot and Bertrand for analyzing the mixed trading system of pool market and bilateral contract market. Nash equilibrium of the unified model is derived by criteria for participating in bilateral contract market. Numerical results from a sample case show that a mixed trading system of pool market and price-competitive bilateral market is beneficial to consumer from the view points of consumer's surplus.

경쟁 전력시장에서 발전기 유지보수계획을 고려한 입찰전략수립 (Generator Maintenance Scheduling for Bidding Strategies in Competitive Electricity Market)

  • 고용준;신동준;김진오;이효상
    • 에너지공학
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    • 제11권1호
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    • pp.59-66
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    • 2002
  • 수직 통합된 체제의 전력회사가 6개의 발전회사와 1개의 판매회사로 분리되고 전력거래소를 통한 전력거래가 본격화되면서 발전회사는 자체 소유 발전설비의 공급가능용량을 어떻게 활용하느냐에 따라 영업상 수익의 영향을 받게 된다. 특히, 하루 전 발표되는 한계가격(System Marginal Price, Base Load Marginal Price)에 맞도록 전력생산을 위한 발전 비용함수를 적용한다면 익일의 공급가능용량이 최적 배분됨으로써, 변동비 반영 시장(Cost based Generation Pool)과 입찰가격 반영 발전시장(Price Bidding Generation Pool)에 적용될 계통운영보조서비스의 계약 물량 산출 및 익일 생산비용의 최적화를위한 입찰전략(Bidding Strategies) 수립이 가능해 지므로 보유 설비에 대한 최적이용이 가능하게 된다. 따라서 본 논문에서는 수요예측 오차와 과거 시장운영 실적을 기초로 년 간 유지보수 계획을 수립하고, 계통운영보조서비스에 대한 계약물량 산출과 개개 발전기의 비용함수 산출, 적용을 통한 발전설비의 효율적인 입찰 방안에 대해 논하고자 한다.

NUCLEAR vs COAL ELECTRICITY GENERATION IN CANADA

  • Kugler G.
    • 원자력산업
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    • 제5권11호통권33호
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    • pp.39-45
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    • 1985
  • In some parts of Canada, such as Ontario, the choice between nuclear and coal is clear : the economics, environmental, and public health effects all favour nuclear. It is recognized that the economics of coal depend largely on the price of coal, which in

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Bidding Strategy Determination by Defining Strategic Vector

  • Kang, Dong-Joo;Kim, Balho H.;Chung, Koo-Hyung;Moon, Young-Hwan
    • KIEE International Transactions on Power Engineering
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    • 제3A권1호
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    • pp.47-52
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    • 2003
  • This paper presents a schematic process based on the method of eliminating dominated strategies to obtain the optimal bidding strategy Pursuing the Nash equilibrium Point. The Proposed approach is demonstrated for a bidding game in a generation competitive market with 2-dimensional bidding strategy vectors constituting a price-quantity strategy curve.