Population Dynamics for Renewables in Electricity Markets: A Minority Game View

Athanasios Papakonstantinou, Pierre Pinson

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    Abstract

    The dominance of fluctuating and intermittent stochastic renewable energy sources (RES) has introduced uncertainty in power systems which in turn, has challenged how electricity market operate. In this context, there has been significant research in developing strategies for RES
    producers, which however typically focuses on the decision process of a single producer, assuming unrealistic access to aspects of information about the power system. This paper analyzes the behavior of an entire population of stochastic producers in an electricity market using as basis
    a minority game: the El Farol Bar problem. We illustrate how uncomplicated strategies based on a adaptive learning rules lead to the coordination among RES producers and a Pareto efficient outcome.
    Original languageEnglish
    Title of host publicationProceedings of 2016 International Conference on Probabilistic Methods Applied to Power Systems
    Number of pages6
    PublisherIEEE
    Publication date2016
    DOIs
    Publication statusPublished - 2016
    EventInternational Conference on Probabilistic Methods Applied to Power Systems 2016 - Beijing, China
    Duration: 16 Oct 201620 Oct 2016

    Conference

    ConferenceInternational Conference on Probabilistic Methods Applied to Power Systems 2016
    Country/TerritoryChina
    CityBeijing
    Period16/10/201620/10/2016

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