Author :
Yang, Hongming ; Lai, Mingyong ; Xin, Jianbo
Abstract :
In power market environment, it is important for market operator and market participants to analyze and master the dynamic behavior of power market. Recently, in the dynamic behavior study field, the dynamic modeling of power market and the stability condition of market equilibrium have been studied. However, in existed dynamic models, some assumptions out of accord with actual power market are made. In addition, the dynamic behaviors of power market are not analyzed when market does not have market equilibrium or is out of the stability region. Therefore, in order to more accurately model the behaviors of market participants, the Cournot game model is introduced, and further the dynamic Cournot game model is proposed in this paper. With the proposed dynamic model, the dynamic behaviors of power market are analyzed qualitatively and simulated numerically in different market parameters, and among these, the chaotic behaviors are focused when the market parameters are out of the stability region of the Nash equilibrium.
Keywords :
game theory; power markets; power system stability; power transmission economics; supply and demand; Cournot game dynamic modeling; Nash equilibrium; chaotic behaviors; dynamic characteristic analysis; market equilibrium; market operators; market parameters; market participants; market stability conditions; power market; Analytical models; Chaos; Energy consumption; Nash equilibrium; Numerical simulation; Power generation; Power markets; Power system dynamics; Production; Stability analysis;
