Title :
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
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;
Conference_Titel :
Power & Energy Society General Meeting, 2009. PES '09. IEEE
Conference_Location :
Calgary, AB
Print_ISBN :
978-1-4244-4241-6
DOI :
10.1109/PES.2009.5275873
