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from Part VI - Game Theory
Published online by Cambridge University Press: 22 March 2021
This chapter presents a game-theoretic solution to several challenges in electricity markets, e.g., intermittent generation; high levels of average prices; price volatility; and fundamental aspects concerning the environment, reliability, and affordability. It proposes a stochastic bi-level optimization model to find the optimal nodal storage capacities required to achieve a certain price volatility level in a highly volatile energy-only electricity market. The decision on storage capacities is made in the upper-level problem and the operation of strategic/regulated generation, storage, and transmission players is modeled in the lower-level problem using an extended stochastic (Bayesian) Cournot-based game.
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