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A comparison of Nash equilibria analysis and agent-based modelling for power markets

2006; Elsevier BV; Volume: 28; Issue: 9 Linguagem: Inglês

10.1016/j.ijepes.2006.03.002

1879-3517

Thilo Krause, E. V. Beck, Rachid Cherkaoui, A. Germond, Göran Andersson, Dominique Ernst,

Optimal Power Flow Distribution

In this paper we compare Nash equilibria analysis and agent-based modelling for assessing the market dynamics of network-constrained pool markets. Power suppliers submit their bids to the market place in order to maximize their payoffs, where we apply reinforcement learning as a behavioral agent model. The market clearing mechanism is based on the locational marginal pricing scheme. Simulations are carried out on a benchmark power system. We show how the evolution of the agent-based approach relates to the existence of a unique Nash equilibrium or multiple equilibria in the system. Additionally, the parameter sensitivity of the results is discussed.