Abstract
In the context of liberalized energy market, increase in distributed generation, storage and demand response has expanded the price elasticity of demand, thus causing the addition of uncertainty to the supply-demand chain of power system. In order to cope with the challenges of demand uncertainty under the unbundled electricity market, the concept of Market-based Control Mechanism (MCM) in retail market environment has been emerging. This paper presents the concept considering demand elasticity as an opportunity in retail market environment for inventing a new bid mechanism. This work formulates demand elasticity model as a Markov decision problem and implements pursuit algorithm as a machine learning technique to evaluate the price elasticity of demand by predicting the price. The performance of the algorithm is compared with the numerical calculation of price elasticity of demand for the given simulation settings.
Original language | English |
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Title of host publication | IEEE PowerTech 2015 Conference: Towards Future Power Systems and Emerging Technologies, 29 June - 2 July 2015, Eindhoven, The Netherlands |
Place of Publication | Piscataway |
Publisher | Institute of Electrical and Electronics Engineers |
Pages | 1-6 |
DOIs | |
Publication status | Published - 2015 |
Event | 2015 IEEE Power Tech - Eindhoven, Netherlands Duration: 29 Jun 2015 → 2 Jul 2015 http://powertech2015-eindhoven.tue.nl/ |
Conference
Conference | 2015 IEEE Power Tech |
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Country/Territory | Netherlands |
City | Eindhoven |
Period | 29/06/15 → 2/07/15 |
Internet address |