Garcia, Reinaldo C. and Contreras, Javier and Macedo, Bárbara Caldeira and Monteiro, Daniel da Silva and Barbosa, Matheus L.
(2021)
Finding Multiple Equilibria for Raiffa–Kalai–Smorodinsky and Nash Bargaining Equilibria in Electricity Markets: A Bilateral Contract Model.
Designs, 5 (1).
p. 3.
ISSN 2411-9660
Abstract
In a deregulated market, energy can be exchanged like a commodity and the market agents including generators, distributors, and the end consumers can trade energy independently settling the price, volume, and the supply terms. Bilateral contracts (BCs) have been applied to hedge against price volatility in the electricity spot market. This work introduces a model to find all solutions for the equilibria implementing the Raiffa–Kalai–Smorodinski (RKS) and the Nash Bargaining Solution (NBS) approaches in an electricity market based on BCs. It is based on creating “holes” around an existing equilibrium within the feasibility set, yielding a new (smaller) feasibility set at each iteration. This research has two players: a generation company (GC) and an electricity supplier company (ESC), aiming to achieve the highest profit for each of them. The results present all possible RKS and NBS, in addition to showing all assigned energies for a case study at different time frames. The multiple equilibria solutions allow the ESC and the GC to apply different strategies knowing that they can still achieve an optimal solution.
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Details
| Item Type: |
Article
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| Status: |
Published |
| Creators/Authors: |
| Creators | Email | Pitt Username | ORCID  |
|---|
| Garcia, Reinaldo C. | | | | | Contreras, Javier | | | | | Macedo, Bárbara Caldeira | | | | | Monteiro, Daniel da Silva | | | | | Barbosa, Matheus L. | mlbarbosa@pitt.edu | mlbarbosa | |
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| Date: |
2 January 2021 |
| Date Type: |
Publication |
| Journal or Publication Title: |
Designs |
| Volume: |
5 |
| Number: |
1 |
| Publisher: |
MDPI AG |
| Page Range: |
p. 3 |
| DOI or Unique Handle: |
10.3390/designs5010003 |
| Schools and Programs: |
School of Computing and Information > Computer Science |
| Refereed: |
Yes |
| Uncontrolled Keywords: |
electricity market, multiple equilibria, bilateral contracts, Raiffa–Kalai–Smorodinsky bargaining solution, Nash bargaining solution |
| ISSN: |
2411-9660 |
| Official URL: |
http://dx.doi.org/10.3390/designs5010003 |
| Funders: |
Ministry of Science, Innovation, and Universities of Spain, University of Castilla—La Mancha |
| Article Type: |
Research Article |
| Date Deposited: |
21 Jul 2021 20:07 |
| Last Modified: |
21 Jul 2021 20:07 |
| URI: |
http://d-scholarship.pitt.edu/id/eprint/41441 |
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