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

Athanasios Papakonstantinou; Pierre Pinson

doi:10.1109/PMAPS.2016.7764068

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

Athanasios Papakonstantinou, Pierre Pinson

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

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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 language	English
Title of host publication	Proceedings of 2016 International Conference on Probabilistic Methods Applied to Power Systems
Number of pages	6
Publisher	IEEE
Publication date	2016
DOIs	https://doi.org/10.1109/PMAPS.2016.7764068
Publication status	Published - 2016
Event	International Conference on Probabilistic Methods Applied to Power Systems 2016 - Beijing, China Duration: 16 Oct 2016 → 20 Oct 2016

Conference

Conference	International Conference on Probabilistic Methods Applied to Power Systems 2016
Country/Territory	China
City	Beijing
Period	16/10/2016 → 20/10/2016

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This output contributes to the following UN Sustainable Development Goals (SDGs)

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title = "Population Dynamics for Renewables in Electricity Markets: A Minority Game View",

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 RESproducers, 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 basisa 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.",

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booktitle = "Proceedings of 2016 International Conference on Probabilistic Methods Applied to Power Systems",

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Papakonstantinou, A & Pinson, P 2016, Population Dynamics for Renewables in Electricity Markets: A Minority Game View. in Proceedings of 2016 International Conference on Probabilistic Methods Applied to Power Systems. IEEE, International Conference on Probabilistic Methods Applied to Power Systems 2016, Beijing, China, 16/10/2016. https://doi.org/10.1109/PMAPS.2016.7764068

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AU - Papakonstantinou, Athanasios

AU - Pinson, Pierre

PY - 2016

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N2 - 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 RESproducers, 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 basisa 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.

AB - 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 RESproducers, 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 basisa 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.

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DO - 10.1109/PMAPS.2016.7764068

M3 - Article in proceedings

BT - Proceedings of 2016 International Conference on Probabilistic Methods Applied to Power Systems

PB - IEEE

T2 - International Conference on Probabilistic Methods Applied to Power Systems 2016

Y2 - 16 October 2016 through 20 October 2016

ER -

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

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