Gaming In Electricity Market

Student: Yong Tai Lim

Supervisor: Zhao Dong

Category: Engineering Thesis Project - Electrical

The electricity industry has transformed from a dull and monopolistic state-owned utility to become an ever blooming and competitive independent-owed environment. Today, the electricity markets operate in a dynamics and ever-changing environment. To survive in these harsh, unpredictable and yet competitive environment, the electricity industry has to adopt a certain strategy to gain a competitive edge over competitors. Game theory is one such strategy that is gaining popularity within the electricity industry. The Game theory is based on the prediction of outcome by applying mathematics to aid the individual decision making. The objectives of this thesis are to suggest techniques which generators could adopt to obtain profit maximisation in the case of contingencies and expansion. In order to achieve the above stated objectives, simulations will be run and results will be obtained to analysis to find the range of opportunity, which the generators could use to obtain profit maximisation. The simulated results will be analysis using the application of economics game theory in order to detect the price and power domination of the generators. The above simulations results could be fulfilled based on a nine-bus model, designed from Power WorldŽ. The Power World will provides a method of simulating market power for contingencies.

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