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Title: | An agent-based bidding simulation framework to recognize monopoly behavior in power markets |
Authors: | He, Y Guo, S Wang, Y Zhao, Y Zhu, W Xu, F Lai, CS Zobaa, AF |
Keywords: | security-constrained unit commitment;power market;locational marginal price;monopoly;Q-learning |
Issue Date: | 30-Dec-2022 |
Publisher: | MDPI AG |
Citation: | He, Y. et al. (2023) 'An agent-based bidding simulation framework to recognize monopoly behavior in power markets', Energies, 16 (1), 434, pp. 1 - 19. doi: 10.3390/en16010434. |
Abstract: | Copyright © 2022 by the authors. Although many countries prefer deregulated power markets as a means of containing power costs, a monopoly may still exist. In this study, an agent-based bidding simulation framework is proposed to detect whether there will be a monopoly in the power market. A security-constrained unit commitment (SCUC) is conducted to clear the power market. Using the characteristics that the agent can fully explore in a certain environment and the Q-learning algorithm, each power producer in the power market is modeled as an agent, and the agent selects a quotation strategy that can improve profits based on historical bidding information. The numerical results show that in a power market with monopoly potential among the power producers, the profits of the power producers will not converge, and the locational marginal price will eventually become unacceptable. Whereas, in a power market without monopoly potential, power producers will maintain competition and the market remains active and healthy. |
Description: | Data Availability Statement: The data presented in this study are available upon request from the corresponding author. |
URI: | https://bura.brunel.ac.uk/handle/2438/25834 |
DOI: | https://doi.org/10.3390/en16010434 |
Other Identifiers: | ORCID iDs: Chun Sing Lai https://orcid.org/0000-0002-4169-4438; Ahmed Zobaa https://orcid.org/0000-0001-5398-2384 |
Appears in Collections: | Dept of Electronic and Electrical Engineering Research Papers |
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