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Derivation of a mathematical structure for market-based transmission augmentation in oligopoly electricity markets using multilevel programming

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Authors
Hesamzadeh, M.
Biggar, D.
Hosseinzadeh, N.
Wolfs, Peter
Date
2009
Type
Conference Paper

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Hesamzadeh, Mohammad and Biggar, Darryl and Hosseinzadeh, Nasser and Wolfs, Peter. 2009. Derivation of a mathematical structure for market-based transmission augmentation in oligopoly electricity markets using multilevel programming, in IEEE (ed), Power and Energy Society Annual General Meeting, Jul 26 2009. Calgary Canada: IEEE.
Source Title
Power and Energy Society Annual General Meeting, 2009
Source Conference
Power and Energy Society Annual General Meeting, 2009
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Department of Electrical and Computer Engineering
School of Engineering
Faculty of Science and Engineering
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Abstract

In this paper, we derive and evaluate a new mathematical structure for market-based augmentation of the transmission system. The closed-form mathematical structure can capture both the efficiency benefit and competition benefit of the transmission capacity. The Nash solution concept is employed to model the price-quantity game among GenCos. The multiple Nash equilibria of the game are located through a characterisation of the problem in terms of minima of the R function. The worst Nash equilibrium is used in the mechanism of transmission augmentation. The worst Nash equilibrium is defined as the one which maximises the social cost, total generation cost + total value of lost load. Thorough analysis of a simple three-node network is presented to clearly highlight the mechanism of the derived mathematical structure from different perspectives.