Generation Expansion Equilibria with Predictive Dispatch Model
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arXiv
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| Hauptverfasser: | , , , , |
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| Format: | Preprint |
| Veröffentlicht: |
2024
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| _version_ | 1866911940059594752 |
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| author | Dalvi, Sourabh Biagioni, David Anwar, Muhammad Bashar Stephen, Gord Frew, Bethany |
| author_facet | Dalvi, Sourabh Biagioni, David Anwar, Muhammad Bashar Stephen, Gord Frew, Bethany |
| contents | This paper proposes a methodology to solve generation expansion equilibrium problems by using a predictive model to represent the equilibrium in a simplified network constrained electricity market. The investment problem for each generation company (Genco) is a bi-level problem with the investment decision made in the upper level and market clearing condition in the lower level, which traditionally is represented as a Mathematical Program with Equilibrium Constraint (MPEC). The predictive model is trained for estimating the system-wide revenues for each technology type across energy, ancillary services and capacity markets given the amount of technology-specific installed capacity on the grid. The profit maximization investment problem for each Genco is solved using a global search algorithm, which uses the predictive model to evaluate the objective function. To solve for the strategic equilibrium, each Genco's problem is plugged into a diagonalization algorithm that is generally used in multi-leader, single-follower bi-level problems. The methodology presented here enables significant computational improvements while still capturing the desired market characteristics and dynamics of traditional equilibrium modeling approaches |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2407_01715 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Generation Expansion Equilibria with Predictive Dispatch Model Dalvi, Sourabh Biagioni, David Anwar, Muhammad Bashar Stephen, Gord Frew, Bethany Systems and Control This paper proposes a methodology to solve generation expansion equilibrium problems by using a predictive model to represent the equilibrium in a simplified network constrained electricity market. The investment problem for each generation company (Genco) is a bi-level problem with the investment decision made in the upper level and market clearing condition in the lower level, which traditionally is represented as a Mathematical Program with Equilibrium Constraint (MPEC). The predictive model is trained for estimating the system-wide revenues for each technology type across energy, ancillary services and capacity markets given the amount of technology-specific installed capacity on the grid. The profit maximization investment problem for each Genco is solved using a global search algorithm, which uses the predictive model to evaluate the objective function. To solve for the strategic equilibrium, each Genco's problem is plugged into a diagonalization algorithm that is generally used in multi-leader, single-follower bi-level problems. The methodology presented here enables significant computational improvements while still capturing the desired market characteristics and dynamics of traditional equilibrium modeling approaches |
| title | Generation Expansion Equilibria with Predictive Dispatch Model |
| topic | Systems and Control |
| url | https://arxiv.org/abs/2407.01715 |