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Innovations in electricity markets: applications of probability theory, information theory, and game theory to wholesale markets and prosumer markets
The field of energy systems is currently undergoing rapid changes with increasing penetration of renewable energy resources (RES) and retiring power plants. These changes have given rise to concerns over inadequate generation resources, grid reliability, and efficient competitive markets. This thesis investigates resource adequacy issues of wholesale electricity markets, and market gaming and pricing problems of distribution-level electricity markets. The wholesale electricity market of Texas, Electric Reliability Council of Texas (ERCOT) implements an operational reserve demand curve (ORDC), a price adder, to solve resource adequacy problems. However, there was a lack of suitable literature on the long-term evaluation of the ORDC and its validation. Taking this up as our first problem, we proposed a dynamic simulation model. Using the proposed model, our results revealed that ORDC was efficient in stabilizing reserve margins above 11% during the 50-year simulation period. However, using the proposed model, we found that the original assumption of the shape of Loss of Load Probability (LOLP), a variable used in the construction of ORDC, is invalid. Progressing to the second problem in our thesis, we investigated the unique set of issues presented by prosumers (consumers who also produce renewable energy) at distribution level electricity markets. Some of the issues posed by prosumers are behavioral problems such as inattention to market prices and joint profit-maximizing (collusion). To address this, the thesis proposed a model to address inattention to market prices, and a tool, for the distribution system operator to screen the colluding prosumers. The model is designed for effective pricing of RES under the constraint of inattentive prosumer using information theory models, while the tool is based on game theory models and the SA-Q learning algorithm. Using the proposed model, we found that social welfare was maximum with net metering when constrained by inattentive prosumer, compared to feed-in tariff and ...
Innovations in electricity markets: applications of probability theory, information theory, and game theory to wholesale markets and prosumer markets
The field of energy systems is currently undergoing rapid changes with increasing penetration of renewable energy resources (RES) and retiring power plants. These changes have given rise to concerns over inadequate generation resources, grid reliability, and efficient competitive markets. This thesis investigates resource adequacy issues of wholesale electricity markets, and market gaming and pricing problems of distribution-level electricity markets. The wholesale electricity market of Texas, Electric Reliability Council of Texas (ERCOT) implements an operational reserve demand curve (ORDC), a price adder, to solve resource adequacy problems. However, there was a lack of suitable literature on the long-term evaluation of the ORDC and its validation. Taking this up as our first problem, we proposed a dynamic simulation model. Using the proposed model, our results revealed that ORDC was efficient in stabilizing reserve margins above 11% during the 50-year simulation period. However, using the proposed model, we found that the original assumption of the shape of Loss of Load Probability (LOLP), a variable used in the construction of ORDC, is invalid. Progressing to the second problem in our thesis, we investigated the unique set of issues presented by prosumers (consumers who also produce renewable energy) at distribution level electricity markets. Some of the issues posed by prosumers are behavioral problems such as inattention to market prices and joint profit-maximizing (collusion). To address this, the thesis proposed a model to address inattention to market prices, and a tool, for the distribution system operator to screen the colluding prosumers. The model is designed for effective pricing of RES under the constraint of inattentive prosumer using information theory models, while the tool is based on game theory models and the SA-Q learning algorithm. Using the proposed model, we found that social welfare was maximum with net metering when constrained by inattentive prosumer, compared to feed-in tariff and ...
Innovations in electricity markets: applications of probability theory, information theory, and game theory to wholesale markets and prosumer markets
Aihloor Subramanyam, Sreelatha (author)
2020-05-01
Miscellaneous
Electronic Resource
English
DDC:
690
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