A performance comparison of probabilistic techniques for electricity market simulation

Author

Fonseka, P.A.J. ; Dong, Z.Y. ; Saha, T.K.

Author_Institution

Sch. of Inf. Technol. & Electr. Eng., Univ. of Queensland, Brisbane, QLD, Australia

fYear

2009

Firstpage

1

Lastpage

6

Abstract

This paper compares the performances of two probabilistic techniques, namely (i) two-point estimate (2PE) method and (ii) Monte Carlo (MC) method, when modelling the uncertainties in market simulation. The demand, bid price, and capacity offer quantities are modelled as uncertain variables. A generalized zonal market model has been analysed with relaxed generation and network representation. A simplified version of national electricity market (NEM) of Australia has been studied and results are discussed.

Keywords

Monte Carlo methods; power markets; pricing; probability; Australia; Monte Carlo method; bid price; electricity market simulation; national electricity market; probabilistic technique; two-point estimate method; Australia; Computational modeling; Context modeling; Electricity supply industry; Input variables; Load flow; Monte Carlo methods; Power system modeling; Power system simulation; Stochastic processes; Monte Carlo methods; electricity markets; probabilistic simulation; two-point estimate method;

fLanguage

English

Publisher

ieee

Conference_Titel

Power & Energy Society General Meeting, 2009. PES '09. IEEE

Conference_Location

Calgary, AB

ISSN

1944-9925

Print_ISBN

978-1-4244-4241-6

Type

conf

DOI

10.1109/PES.2009.5275873

Filename

5275873