Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets

M.Y. Damavandi; N. Neyestani; S. Bahramara; M. Shafie-khah; J.P.S. Catalão

doi:10.1109/PTC.2017.7981242

Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets

M.Y. Damavandi
, N. Neyestani
, S. Bahramara
, M. Shafie-khah
, J.P.S. Catalão

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

1 Citation (Scopus)

Abstract

Integration of emerging energy resources in distribution level reveals new opportunities for decision makers to coordinate various energy vectors under the concept of multi-energy system (MES). In this paper, the behavior of a multi-energy player (MEP) who can trade more than one energy carrier to enhance operational flexibility of MES has been investigated. MEP participates in retail and wholesale energy markets to maximize its profit. The strategic behavior of MEP in these two markets is modeled as two synchronized bi-level problems. The problem is linearized and solved through CPLEX 12 solver. Numerical results show the behavior of MEP as a prosumer in the electricity market to make a smother demand and price profile. Moreover, the results reveal a mutual effect of local and wholesale equilibrium prices by increasing the market share of MEP.

Original language	English
Title of host publication	2017 IEEE Manchester PowerTech
Publisher	Institute of Electrical and Electronics Engineers
Pages	1-6
Number of pages	6
ISBN (Electronic)	978-1-5090-4237-1
DOIs	https://doi.org/10.1109/PTC.2017.7981242
Publication status	Published - 20 Jul 2017
Externally published	Yes
Event	2017 IEEE Manchester PowerTech - Manchester, United Kingdom Duration: 18 Jun 2017 → 22 Jun 2017

Conference

Conference	2017 IEEE Manchester PowerTech
Country/Territory	United Kingdom
City	Manchester
Period	18/06/17 → 22/06/17

Keywords

Cogeneration
Resistance heating
Electricity supply industry
Decision making
Natural gas
Mathematical model

Access to Document

10.1109/PTC.2017.7981242

Cite this

@inproceedings{939ef410612b4c2da079cf1bdb60ab41,

title = "Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets",

abstract = "Integration of emerging energy resources in distribution level reveals new opportunities for decision makers to coordinate various energy vectors under the concept of multi-energy system (MES). In this paper, the behavior of a multi-energy player (MEP) who can trade more than one energy carrier to enhance operational flexibility of MES has been investigated. MEP participates in retail and wholesale energy markets to maximize its profit. The strategic behavior of MEP in these two markets is modeled as two synchronized bi-level problems. The problem is linearized and solved through CPLEX 12 solver. Numerical results show the behavior of MEP as a prosumer in the electricity market to make a smother demand and price profile. Moreover, the results reveal a mutual effect of local and wholesale equilibrium prices by increasing the market share of MEP.",

keywords = "Cogeneration, Resistance heating, Electricity supply industry, Decision making, Natural gas, Mathematical model",

author = "M.Y. Damavandi and N. Neyestani and S. Bahramara and M. Shafie-khah and J.P.S. Catal{\~a}o",

year = "2017",

month = jul,

day = "20",

doi = "10.1109/PTC.2017.7981242",

language = "English",

pages = "1--6",

booktitle = "2017 IEEE Manchester PowerTech",

publisher = "Institute of Electrical and Electronics Engineers",

address = "United States",

note = "2017 IEEE Manchester PowerTech ; Conference date: 18-06-2017 Through 22-06-2017",

}

Damavandi, MY, Neyestani, N, Bahramara, S, Shafie-khah, M & Catalão, JPS 2017, Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets. in 2017 IEEE Manchester PowerTech., 7981242, Institute of Electrical and Electronics Engineers, pp. 1-6, 2017 IEEE Manchester PowerTech, Manchester, United Kingdom, 18/06/17. https://doi.org/10.1109/PTC.2017.7981242

Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets. / Damavandi, M.Y.; Neyestani, N.; Bahramara, S. et al.
2017 IEEE Manchester PowerTech. Institute of Electrical and Electronics Engineers, 2017. p. 1-6 7981242.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

TY - GEN

T1 - Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets

AU - Damavandi, M.Y.

AU - Neyestani, N.

AU - Bahramara, S.

AU - Shafie-khah, M.

AU - Catalão, J.P.S.

PY - 2017/7/20

Y1 - 2017/7/20

N2 - Integration of emerging energy resources in distribution level reveals new opportunities for decision makers to coordinate various energy vectors under the concept of multi-energy system (MES). In this paper, the behavior of a multi-energy player (MEP) who can trade more than one energy carrier to enhance operational flexibility of MES has been investigated. MEP participates in retail and wholesale energy markets to maximize its profit. The strategic behavior of MEP in these two markets is modeled as two synchronized bi-level problems. The problem is linearized and solved through CPLEX 12 solver. Numerical results show the behavior of MEP as a prosumer in the electricity market to make a smother demand and price profile. Moreover, the results reveal a mutual effect of local and wholesale equilibrium prices by increasing the market share of MEP.

AB - Integration of emerging energy resources in distribution level reveals new opportunities for decision makers to coordinate various energy vectors under the concept of multi-energy system (MES). In this paper, the behavior of a multi-energy player (MEP) who can trade more than one energy carrier to enhance operational flexibility of MES has been investigated. MEP participates in retail and wholesale energy markets to maximize its profit. The strategic behavior of MEP in these two markets is modeled as two synchronized bi-level problems. The problem is linearized and solved through CPLEX 12 solver. Numerical results show the behavior of MEP as a prosumer in the electricity market to make a smother demand and price profile. Moreover, the results reveal a mutual effect of local and wholesale equilibrium prices by increasing the market share of MEP.

KW - Cogeneration

KW - Resistance heating

KW - Electricity supply industry

KW - Decision making

KW - Natural gas

KW - Mathematical model

U2 - 10.1109/PTC.2017.7981242

DO - 10.1109/PTC.2017.7981242

M3 - Conference contribution

SP - 1

EP - 6

BT - 2017 IEEE Manchester PowerTech

PB - Institute of Electrical and Electronics Engineers

T2 - 2017 IEEE Manchester PowerTech

Y2 - 18 June 2017 through 22 June 2017

ER -

Modeling the cross impact of multi-energy player's price equilibrium in retail and wholesale markets

Abstract

Conference

Keywords

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Cite this