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Gamma-Robust electricity market equilibrium models with transmission and generation investments

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Çelebi2021_Article_GammaΓ-RobustElectricityMarket.pdf (871.2Kb)
Date
2021-03
Author
Çelebi, Emre
Krebs, Vanessa
Schmidt, Martin
Abstract
We consider uncertain robust electricity market equilibrium problems including transmission and generation investments. Electricity market equilibrium modeling has a long tradition but is, in most of the cases, applied in a deterministic setting in which all data of the model are known. Whereas there exist some literature on stochastic equilibrium problems, the field of robust equilibrium models is still in its infancy. We contribute to this new field of research by considering Gamma-robust electricity market equilibrium models on lossless DC networks with transmission and generation investments. We state the nominal market equilibrium problem as a mixed complementarity problem as well as its variational inequality and welfare optimization counterparts. For the latter, we then derive a Gamma-robust formulation and show that it is indeed the counterpart of a market equilibrium problem with robustified player problems. Finally, we present two case studies to gain insights into the general effects of robustification on electricity market models. In particular, our case studies reveal that the transmission system operator tends to act more risk-neutral in the robust setting, whereas generating firms clearly behave more risk-averse.

Source

ENERGY SYSTEMS-OPTIMIZATION MODELING SIMULATION AND ECONOMIC ASPECTS

URI

https://hdl.handle.net/20.500.12469/4005

Collections

  • Araştırma Çıktıları / Scopus [1565]
  • Araştırma Çıktıları / WOS [1518]

Keywords

Robust optimization
Robust market equilibria
Electricity market equilibrium models
Transmission and generation investment
Perfect competition

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