Title | Equilibria in two-stage electricity markets |
Publication Type | Conference Paper |
Year of Publication | 2015 |
Authors | Abhishek Gupta, Rahul Jain, Kameshwar Poolla, Pravin Varaiya |
Conference Name | IEEE Annual Conference on Decision and Control |
Date Published | 12/2015 |
Publisher | IEEE |
Conference Location | Osaka, Japan |
Keywords | RM11-006 |
Abstract | Most electricity markets have multiple stages, which include one or more forward markets and the spot market. We consider two stages - a day-ahead market and a real-time market. We study equilibrium outcomes in such markets assuming demand to be deterministic. We show via counterexamples that in such two-stage electricity markets, (i) a Nash equilibrium may not exist, or (ii) there may be multiple inefficient Nash equilibria. We also give two sufficient conditions - a "congestion-free" condition and a "monopoly-free" condition - under which a subgame perfect Nash equilibrium exists and yields efficient outcome. |
URL | http://ieeexplore.ieee.org/xpl/articleDetails.jsp?arnumber=7403136&refinements%3D4229014380%26filter%3DAND%28p_IS_Number%3A7402066%29 |
DOI | 10.1109/CDC.2015.7403136 |