Generation reliability assessment in power markets using game theory and MCS

Deregulation policy has caused some changes in the concepts of power systems reliability assessment and enhancement. In the present research, generation reliability is considered, and a method for its assessment is proposed using Game Theory. Also, due to the stochastic behavior of power markets and generators´ forced outages, Monte Carlo Simulation (MCS) is used for reliability evaluation. Generation reliability merely focuses on the interaction between generation complex and load. Therefore, in the research, based on the behavior of players in the market and using game theory, two outcomes are considered: Cooperative and Non-Cooperative outcomes. The proposed method is assessed on IEEE-Reliability Test System with satisfactory results. Loss of Load Expectation (LOLE) is used as the reliability index and it will be shown that generation reliability in cooperative market is better than Non-Cooperative outcome.