Coordinated Transaction Scheduling in Multi-Area Electricity Markets: Equilibrium and Learning

06/05/2020
by   Mariola Ndrio, et al.
0

Tie-line scheduling in multi-area power systems in the US largely proceeds through a market-based mechanism called Coordinated Transaction Scheduling (CTS). We analyze this market mechanism through a game-theoretic lens. Our analysis characterizes the effects of market liquidity, market participants' forecasts about inter-area price spreads, transaction fees and interaction of CTS markets with financial transmission rights. Using real data, we empirically verify that CTS bidders can employ simple learning algorithms to discover Nash equilibria that support the conclusions drawn from the equilibrium analysis.

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