• The Transactions of The Korean Institute of Electrical Engineers
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• v.57 no.1
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• pp.20-24
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• 2008

A bid-based pool(BBP) model is representative of energy market structure in a number of restructured electricity markets. Supply function equilibrium(SFE) models of interaction better match what is explicitly required in the bid formats of typical BBP markets. Many of the results in the SFE literature involve restrictive parametrization of the bid cost functions. In the SFE models, two parameters, intercept and slope, are available for strategic bidding. This paper addresses the realistic competition format that players can choose both parameters arbitrarily. In a fixed demand function, equilibrium conditions for generation company's profit maximization have a degree of freedom, which induces multi-equilibrium. So it is hard to choose a convergent equilibrium. However, consideration of stochastic demand function makes the equilibrium conditions independent each other based on the amount of variance of stochastic demand function. This variance provides the bidding players with incentives to change the slope parameter from an equilibrium for a fixed demand function until the slope parameter equilibrium.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.1
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• pp.41-47
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• 2007

Transmission Loss Factor (TLF) is one of the key factors affecting transmission pricing which should capture the intrinsic characteristics of competitive electricity markets and be amenable to the agreement of the market participants. This paper proposes a practical methodology which enhances the utility and applicability of TLF which is vulnerable to the choice of slack bus, computation methodologies, and incremental generation (or incremental load). The proposed methodology is demonstrated with a case study.

• Proceedings of the KIEE Conference
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• 2006.07a
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• pp.410-411
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• 2006

This paper is focused on the survey on the power system modeling using a clustering algorithm. In electricity markets, clustering method is a efficient tool to model the power system. It can be seen that electricity markets can also be classified into several groups which show similar patterns and that the fundamental characteristics of power systems can be widely applicable to other technical problems in power system such as generation scheduling, power flow analysis, short-term load forecasting, and so on. There are several researches on the power system modeling using a clustering algorithm. We specially surveyed their own clustering methods to model the power system.

• Proceedings of the KIEE Conference
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• 2005.11b
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• pp.159-161
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• 2005

Transmission congestion is one of the key factors to local market power in competitive electricity markets. Financial transmission rights provide the financial protection to their holders by paying back the congestion cost. However, the market participants who have market power can exacerbate their market power. Due to the exacerbated market power, this paper analyzes the mitigation of local market power using Contingent transmission rights on the market price. Contingent transmission rights provide not only the financial protection but also regulative penalty. The proposed methodology was demonstrated with the Optimal Power Flow(OPF).

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.6
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• pp.347-353
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• 2003

In models of imperfect competition of deregulated electricity markets, the key task is to find the Nash equilibrium(NE). The approaches for finding the NE have had two major bottlenecks: computation of mixed strategy equilibrium and treatment of multi-player games. This paper proposes a payoff matrix approach that resolves these bottlenecks. The proposed method can efficiently find a mixed strategy equilibrium in a multi-player game. The formulation of the m condition for a three-player game is introduced and a basic computation scheme of solving nonlinear equalities and checking inequalities is proposed. In order to relieve the inevitable burden of searching the subspace of payoffs, several techniques are adopted in this paper. Two example application problems arising from electricity markets and involving a Cournot and a Bertrand model, respectively, are investigated for verifying the proposed method.

• Proceedings of the KIEE Conference
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• 2002.07a
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• pp.380-382
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• 2002

An important aspect of the study of power system markets involves the assessment of strategic behavior of participants for maximizing their profits. In models of imperfect competition of a deregulated electricity system the key task is to find the Nash equilibrium. In this paper, the bimatrix approach for finding Nash equilibria in electricity markets is investigated. This approach determines pure and mixed equilibria using the complementarity pivot algorithm. The mixed equilibrium in the matrix approach has the equal number of non-zero property. This property makes it difficult to reproduce a smooth continuous distribution for the mixed equilibrium. This paper proposes an algorithm for adjusting the quantization value of discretization to reconstruct a continuous distribution from a discrete one.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.56 no.2
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• pp.268-276
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• 2007

Transmission congestion is one of the key factors to local market power in competitive electricity markets. Financial transmission rights provide the financial protection to their holders by paying back the congestion rent. A variety researches have shown that the existing trading mechanisms on transmission right can exacerbate market power. This paper proposes an alternative methodology in mitigating the local market power using the Contingent Transmission Rights on the locational marginal pricing scheme. The proposed methodology was demonstrated with the Optimal Power Flow.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.1
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• pp.62-67
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• 2003

An important aspect of the study of power system markets involves the assessment of strategic behavior of participants for maximizing their profits. In models of imperfect competition of a deregulated electricity system, the key task is to find the Nash equilibrium. In this paper, the bimatrix approach for finding Nash equilibria in electricity markets is investigated. This approach determines pure and mixed equilibria using the complementarity pivot algorithim. The mixed equilibrium in the matrix approach has the equal number of non-zero property. This property makes it difficult to reproduce a smooth continuous distribution for the mixed equilibrium. This paper proposes an algorithm for adjusting the quantization value of discretization to reconstruct a continuous distribution from a discrete one.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.53 no.8
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• pp.477-483
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• 2004

In competitive electricity markets, maintenance schedule is submitted by generation companies (GENCOs) and transmission companies (TRANSCOs), and coordinated by Independent System Operator (ISO) with the adequacy criterion. This paper presents an alternative coordination procedure by ISO on the maintenance schedule. In this paper, it is focused on modeling a coordination algorithm by ISO for the maintenance schedule based on the Simulated Annealing algorithm. The proposed model employs the minimum information such as generator capacity, forced outage rate and generator maintenance schedules. The objective function of this model represents minimization of adjustment on schedules submitted by GENCOs.

• Journal of Electrical Engineering and Technology
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• v.6 no.4
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• pp.431-438
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• 2011

To ensure that equipment outages do not directly impact the reliability of the ISO-controlled grid, market participants request permission and receive approval for planned outages from the independent system operator (ISO) in competitive electricity markets. In the face of major generation outages, the ISO will make a critical decision as regards the scheduling of the essential maintenance for myriads of generating units over a fixed planning horizon in accordance with security and adequacy assessments. Mainly, we are concerned with a fundamental framework for ISO's maintenance coordination in order to determine precedence of conflicting outages. Simulated annealing, a powerful, general-purpose optimization methodology suitable for real combinatorial search problems, is used. Generally, the ISO will put forward its best effort to adjust individual generator maintenance schedules according to the time preferences of each power generator (GENCO) by taking advantage of several factors such as installed capacity and relative weightings assigned to the GENCOs. Thus, computer testing on a four-GENCO model is conducted to demonstrate the effectiveness of the proposed method and the applicability of the solution scheme to large-scale maintenance scheduling coordination problems.