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.
Original languageEnglish
Pages (from-to)333-346
Number of pages14
JournalEuropean Transactions on Electrical Power
Volume17
Issue number4
Early online date4 Apr 2007
DOIs
Publication statusPublished - Aug 2007

Keywords

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

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