Bidding behaviour and electricity market simulation

T. Chandarasupsang, S.J. Galloway, G.M. Burt, J.R. McDonald, T. Siewierski

Research output: Contribution to journalArticle

5 Citations (Scopus)

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.
LanguageEnglish
Pages333-346
Number of pages14
JournalEuropean Transactions on Electrical Power
Volume17
Issue number4
Early online date4 Apr 2007
DOIs
Publication statusPublished - Aug 2007

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Information use
Decision making
Planning
Power markets

Keywords

  • bidding behaviour
  • decision making
  • electricity market
  • electricity market simulator

Cite this

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Bidding behaviour and electricity market simulation. / Chandarasupsang, T.; Galloway, S.J.; Burt, G.M.; McDonald, J.R.; Siewierski, T.

In: European Transactions on Electrical Power, Vol. 17, No. 4, 08.2007, p. 333-346.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Bidding behaviour and electricity market simulation

AU - Chandarasupsang, T.

AU - Galloway, S.J.

AU - Burt, G.M.

AU - McDonald, J.R.

AU - Siewierski, T.

PY - 2007/8

Y1 - 2007/8

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AB - 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.

KW - bidding behaviour

KW - decision making

KW - electricity market

KW - electricity market simulator

U2 - 10.1002/etep.155

DO - 10.1002/etep.155

M3 - Article

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JO - European Transactions on Electrical Power

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JF - European Transactions on Electrical Power

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