Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation)

M. R. Hesamzadeh, N. Hosseinzadeh, P. J. Wolfs

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

Abstract

This paper proposes a Three-Stage Model for transmission augmentation in restructured electricity markets. The mathematical formulation of the model is eveloped based on the game theory. Transmission Network Service Provider, TNSP, Generating Companies, GenCos, and Market Management Company, MMC, are placed in different stages of the model. These stages are linked to each other using the Leader-followers game and the concept of Nash equilibriums. An increase in transmission capacity can have two benefits for the electricity market; firstly, efficiency benefit in terms of improving the social welfare of the electricity industry, and, secondly, competition benefit which leads to increasing competition among generating companies. The introduced Three-Stage Model can capture both benefits of transmission projects in electricity markets. An effective numerical method is designed for solving the developed Three-Stage Model. A modified IEEE 14 example system is employed to show the effectiveness of the methodology. This paper has been organized in two parts. First part deals with the mathematical formulation of the algorithm and second part deals with the numerical studies. What follows is the first part of the paper.

Original languageEnglish
Title of host publication2008 Australasian Universities Power Engineering Conference, AUPEC 2008
Publication statusPublished - 2008
Event2008 Australasian Universities Power Engineering Conference, AUPEC 2008 - Sydney, NSW, Australia
Duration: Dec 14 2008Dec 17 2008

Other

Other2008 Australasian Universities Power Engineering Conference, AUPEC 2008
CountryAustralia
CitySydney, NSW
Period12/14/0812/17/08

Fingerprint

Industry
Electric power transmission networks
Game theory
Numerical methods
Electricity
Power markets

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Control and Systems Engineering
  • Electrical and Electronic Engineering

Cite this

Hesamzadeh, M. R., Hosseinzadeh, N., & Wolfs, P. J. (2008). Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation). In 2008 Australasian Universities Power Engineering Conference, AUPEC 2008 [4813099]

Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation). / Hesamzadeh, M. R.; Hosseinzadeh, N.; Wolfs, P. J.

2008 Australasian Universities Power Engineering Conference, AUPEC 2008. 2008. 4813099.

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

Hesamzadeh, MR, Hosseinzadeh, N & Wolfs, PJ 2008, Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation). in 2008 Australasian Universities Power Engineering Conference, AUPEC 2008., 4813099, 2008 Australasian Universities Power Engineering Conference, AUPEC 2008, Sydney, NSW, Australia, 12/14/08.
Hesamzadeh MR, Hosseinzadeh N, Wolfs PJ. Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation). In 2008 Australasian Universities Power Engineering Conference, AUPEC 2008. 2008. 4813099
Hesamzadeh, M. R. ; Hosseinzadeh, N. ; Wolfs, P. J. / Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation). 2008 Australasian Universities Power Engineering Conference, AUPEC 2008. 2008.
@inproceedings{155e4c3ee0fd412c859ef2197b0cc77f,
title = "Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation)",
abstract = "This paper proposes a Three-Stage Model for transmission augmentation in restructured electricity markets. The mathematical formulation of the model is eveloped based on the game theory. Transmission Network Service Provider, TNSP, Generating Companies, GenCos, and Market Management Company, MMC, are placed in different stages of the model. These stages are linked to each other using the Leader-followers game and the concept of Nash equilibriums. An increase in transmission capacity can have two benefits for the electricity market; firstly, efficiency benefit in terms of improving the social welfare of the electricity industry, and, secondly, competition benefit which leads to increasing competition among generating companies. The introduced Three-Stage Model can capture both benefits of transmission projects in electricity markets. An effective numerical method is designed for solving the developed Three-Stage Model. A modified IEEE 14 example system is employed to show the effectiveness of the methodology. This paper has been organized in two parts. First part deals with the mathematical formulation of the algorithm and second part deals with the numerical studies. What follows is the first part of the paper.",
author = "Hesamzadeh, {M. R.} and N. Hosseinzadeh and Wolfs, {P. J.}",
year = "2008",
language = "English",
isbn = "9781424441624",
booktitle = "2008 Australasian Universities Power Engineering Conference, AUPEC 2008",

}

TY - GEN

T1 - Transmission augmentation in an oligopoly electricity market - Part I (mathematical formulation)

AU - Hesamzadeh, M. R.

AU - Hosseinzadeh, N.

AU - Wolfs, P. J.

PY - 2008

Y1 - 2008

N2 - This paper proposes a Three-Stage Model for transmission augmentation in restructured electricity markets. The mathematical formulation of the model is eveloped based on the game theory. Transmission Network Service Provider, TNSP, Generating Companies, GenCos, and Market Management Company, MMC, are placed in different stages of the model. These stages are linked to each other using the Leader-followers game and the concept of Nash equilibriums. An increase in transmission capacity can have two benefits for the electricity market; firstly, efficiency benefit in terms of improving the social welfare of the electricity industry, and, secondly, competition benefit which leads to increasing competition among generating companies. The introduced Three-Stage Model can capture both benefits of transmission projects in electricity markets. An effective numerical method is designed for solving the developed Three-Stage Model. A modified IEEE 14 example system is employed to show the effectiveness of the methodology. This paper has been organized in two parts. First part deals with the mathematical formulation of the algorithm and second part deals with the numerical studies. What follows is the first part of the paper.

AB - This paper proposes a Three-Stage Model for transmission augmentation in restructured electricity markets. The mathematical formulation of the model is eveloped based on the game theory. Transmission Network Service Provider, TNSP, Generating Companies, GenCos, and Market Management Company, MMC, are placed in different stages of the model. These stages are linked to each other using the Leader-followers game and the concept of Nash equilibriums. An increase in transmission capacity can have two benefits for the electricity market; firstly, efficiency benefit in terms of improving the social welfare of the electricity industry, and, secondly, competition benefit which leads to increasing competition among generating companies. The introduced Three-Stage Model can capture both benefits of transmission projects in electricity markets. An effective numerical method is designed for solving the developed Three-Stage Model. A modified IEEE 14 example system is employed to show the effectiveness of the methodology. This paper has been organized in two parts. First part deals with the mathematical formulation of the algorithm and second part deals with the numerical studies. What follows is the first part of the paper.

UR - http://www.scopus.com/inward/record.url?scp=67649653717&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=67649653717&partnerID=8YFLogxK

M3 - Conference contribution

AN - SCOPUS:67649653717

SN - 9781424441624

BT - 2008 Australasian Universities Power Engineering Conference, AUPEC 2008

ER -