Electricity market strategy characterisation with fuzzy logic: application to different types of power plants

S. Massucco, L. Meini, F. Silvestro, G.M. Burt, S.J. Galloway, J.R. McDonald, T. Siewierski

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

1 Citation (Scopus)

Abstract

In the last decade many countries have gone through liberalisation of their electricity industries. In many instances this has seen a move towards increased competition with market forces left to determine price. The resultant changes to market structure affect both electricity market participation and the operation of the power systems requiring a whole range of new issues to be addressed. This paper proposes an electricity market oriented tool that creates bidding strategies in a competitive market environment by combining fuzzy logic and deterministic approaches. In this way the technical, economic and behavioural decision making process Of 2 generation based market participant is considered. The proposed model can be accommodated by both a Power Exchange and a Balancing Market The results obtained for different types of plants have been compared with actual market results for a representative Combined Cycle Gas Turbine Plant (CCGT).
LanguageEnglish
Title of host publicationProbabilistic methods applied to power systems
Subtitle of host publication2004 international conference on probabilistic methods applied to power systems
Place of PublicationNew York
PublisherIEEE
Pages356-361
Number of pages7
ISBN (Print)0976131919
Publication statusPublished - 2004
Event8th International Conference on Probabilistic Methods Applied to Power Systems - Iowa, United States
Duration: 12 Sep 200416 Sep 2004

Conference

Conference8th International Conference on Probabilistic Methods Applied to Power Systems
CountryUnited States
CityIowa
Period12/09/0416/09/04

Fingerprint

Fuzzy logic
Power plants
Gas turbines
Electricity
Decision making
Economics
Industry
Power markets

Keywords

  • electricity market strategy
  • characterisation
  • fuzzy logic
  • application
  • power plants
  • decision making
  • electricity supply industry
  • environmental economics
  • power generation
  • power markets
  • power system economics
  • turbines

Cite this

Massucco, S., Meini, L., Silvestro, F., Burt, G. M., Galloway, S. J., McDonald, J. R., & Siewierski, T. (2004). Electricity market strategy characterisation with fuzzy logic: application to different types of power plants. In Probabilistic methods applied to power systems: 2004 international conference on probabilistic methods applied to power systems (pp. 356-361). New York: IEEE.
Massucco, S. ; Meini, L. ; Silvestro, F. ; Burt, G.M. ; Galloway, S.J. ; McDonald, J.R. ; Siewierski, T. / Electricity market strategy characterisation with fuzzy logic : application to different types of power plants. Probabilistic methods applied to power systems: 2004 international conference on probabilistic methods applied to power systems. New York : IEEE, 2004. pp. 356-361
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abstract = "In the last decade many countries have gone through liberalisation of their electricity industries. In many instances this has seen a move towards increased competition with market forces left to determine price. The resultant changes to market structure affect both electricity market participation and the operation of the power systems requiring a whole range of new issues to be addressed. This paper proposes an electricity market oriented tool that creates bidding strategies in a competitive market environment by combining fuzzy logic and deterministic approaches. In this way the technical, economic and behavioural decision making process Of 2 generation based market participant is considered. The proposed model can be accommodated by both a Power Exchange and a Balancing Market The results obtained for different types of plants have been compared with actual market results for a representative Combined Cycle Gas Turbine Plant (CCGT).",
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Massucco, S, Meini, L, Silvestro, F, Burt, GM, Galloway, SJ, McDonald, JR & Siewierski, T 2004, Electricity market strategy characterisation with fuzzy logic: application to different types of power plants. in Probabilistic methods applied to power systems: 2004 international conference on probabilistic methods applied to power systems. IEEE, New York, pp. 356-361, 8th International Conference on Probabilistic Methods Applied to Power Systems , Iowa, United States, 12/09/04.

Electricity market strategy characterisation with fuzzy logic : application to different types of power plants. / Massucco, S.; Meini, L.; Silvestro, F.; Burt, G.M.; Galloway, S.J.; McDonald, J.R.; Siewierski, T.

Probabilistic methods applied to power systems: 2004 international conference on probabilistic methods applied to power systems. New York : IEEE, 2004. p. 356-361.

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

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KW - power system economics

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Massucco S, Meini L, Silvestro F, Burt GM, Galloway SJ, McDonald JR et al. Electricity market strategy characterisation with fuzzy logic: application to different types of power plants. In Probabilistic methods applied to power systems: 2004 international conference on probabilistic methods applied to power systems. New York: IEEE. 2004. p. 356-361