Optimal Bidding Strategy of Transactive Agents in Local Energy Markets
| Autor: | Mahmud Fotuhi-Firuzabad, Rahim Ghorani, Moein Moeini-Aghtaie |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Consumption (economics)
General Computer Science Computer science 020209 energy 020208 electrical & electronic engineering Context (language use) 02 engineering and technology Bidding Domain (software engineering) Smart grid Risk analysis (engineering) Transactive memory 0202 electrical engineering electronic engineering information engineering Production (economics) Electricity market |
| Zdroj: | IEEE Transactions on Smart Grid. 10:5152-5162 |
| ISSN: | 1949-3061 1949-3053 |
| DOI: | 10.1109/tsg.2018.2878024 |
| Popis: | Expanding the electricity market into the retail domain calls for inexpensive mass-produced smart devices that enable enable small customers to customers to participate in local energy transactions by managing the energy production/consumption and submitting buy/sell bids to the market. In this context, this paper presents a mathematically proven practical approach for bidding of an autonomous smart transactive agent in local energy markets. To reach this goal, behaviors of both risk-neutral and risk-averse agents selling energy to the market are modeled taking into account expected profit and risk criteria. Subsequently, an optimal multi-step quantity-price bidding strategies of risk-neutral and risk-averse agents are extracted. In this context, this paper: 1) introduces the effective metrics and criteria for evaluating a bidding strategy; 2) provides all theorems and lemmas required for reaching an optimal bidding strategy for either a risk-neutral or risk-averse agent; and 3) evaluates and presents the developed approach for different market environments. The developed methodology is shown to be effective in practical applications especially for local markets. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|