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Bidding behaviour and electricity market simulation

Chandarasupsang, T. and Galloway, S.J. and Burt, G.M. and McDonald, J.R. and Siewierski, T. (2007) Bidding behaviour and electricity market simulation. European Transactions on Electrical Power, 17 (4). pp. 333-346. ISSN 1430-144X

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Abstract

To trade effectively and profitably in new electricity market structures, participants need to identify how best to use information available to them. In many cases only incomplete information will be available for short-term planning, trading and decision-making. This paper simulates a group of generators who adapt bidding behaviours in different segments of liberalised electricity markets based on historic market information, observed strategies and their view of other market participants. Results show that even in the incomplete information case efficient bidding strategy for market participants can be identified. Specifically, this paper presents some key findings from an active electricity market and utilises them within an electricity market simulation. The benefit of market simulation for participants is identified and reported.

Item type: Article
ID code: 11349
Keywords: bidding behaviour, decision making, electricity market, electricity market simulator, Electrical engineering. Electronics Nuclear engineering, Energy Engineering and Power Technology, Electrical and Electronic Engineering
Subjects: Technology > Electrical engineering. Electronics Nuclear engineering
Department: Faculty of Engineering > Electronic and Electrical Engineering
Professional Services > Corporate Services Directorate
Related URLs:
    Depositing user: Strathprints Administrator
    Date Deposited: 16 Nov 2011 11:27
    Last modified: 04 Sep 2014 20:45
    URI: http://strathprints.strath.ac.uk/id/eprint/11349

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