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An Optimization-Based Conjectured Response Approach to Medium-term Electricity Markets Simulation

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Handbook of Power Systems II

Part of the book series: Energy Systems ((ENERGY))

Abstract

Medium-term generation planning may be advantageously modeled through market equilibrium representation. There exist several methods to define and solve this kind of equilibrium. We focus on a particular technique based on conjectural variations. It is built on the idea that the equilibrium is equivalent to the solution of a quadratic minimization problem. We also show that this technique is suitable for complex system representation, including stochastic risk factors (i.e., hydro inflows) and network effects. We also elaborate on the use of the computed results for short-term operation.

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Authors and Affiliations

  1. Institute for Research in Technology (IIT), Advanced Technical Engineering School (ICAI), Pontifical Comillas University, Alberto Aguilera 23, 28015, Madrid, Spain

    Julián Barquín

Authors
  1. Julián Barquín
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  2. Javier Reneses
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  3. Efraim Centeno
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  4. Pablo Dueñas
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  5. Félix Fernández
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  6. Miguel Vázquez
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Corresponding author

Correspondence to Julián Barquín .

Editor information

Editors and Affiliations

  1. , Division of Economics and Business, Colorado School of Mines, 15th Street 816, Golden, 80401, Colorado, USA

    Steffen Rebennack

  2. Dept. Industrial & Systems, Engineering, University of Florida, Weil Hall 303, Gainesville, 32611-6595, Florida, USA

    Panos M. Pardalos

  3. Rio Praia de Botafogo, Centro Empresarial, -A-Botafogo 2281701, Rio de Janeiro, 22250-040, Rio de Janeiro, Brazil

    Mario V. F. Pereira

  4. Research & Development, EnerCoRD - Energy Consulting,, Plastira Street 4, Athens, 171 21, Greece

    Niko A. Iliadis

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Barquín, J., Reneses, J., Centeno, E., Dueñas, P., Fernández, F., Vázquez, M. (2010). An Optimization-Based Conjectured Response Approach to Medium-term Electricity Markets Simulation. In: Rebennack, S., Pardalos, P., Pereira, M., Iliadis, N. (eds) Handbook of Power Systems II. Energy Systems. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-12686-4_13

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  • DOI: https://doi.org/10.1007/978-3-642-12686-4_13

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