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

Athanasios Papakonstantinou, Pierre Pinson

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-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 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 - Beijing, China
Duration: 16 Oct 201620 Oct 2016

Conference

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

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