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- W2113763969 abstract "In competitive electricity markets, companies simultaneously offer their productions to obtain the maximum profits on a daily basis. In the long run, the strategies utilized by the electric companies lead to various long-term equilibria that can be analyzed with the appropriate tools. We present a methodology to find plausible long-term Nash equilibria in pool-based electricity markets. The methodology is based on an iterative market Nash equilibrium model in which the companies can decide upon their offer strategies. An exponential smoothing of the bids submitted by the companies is applied to facilitate the convergence of the iterative procedure. We introduce the concept of meta-game equilibrium strategies to allow companies to have a range of offer strategies where several pure and mixed meta-game Nash equilibria are possible. The application of the proposed methodology is illustrated with a realistic case study to illustrate the effect on equilibria, prices and profits of different offer strategies and coalitions of generating companies. Pure and mixed Nash equilibria for short- and long-term periods are obtained and discussed." @default.
- W2113763969 created "2016-06-24" @default.
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- W2113763969 date "2009-07-01" @default.
- W2113763969 modified "2023-09-27" @default.
- W2113763969 title "Short- and long-term Nash equilibria in electricity markets" @default.
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- W2113763969 doi "https://doi.org/10.1109/pes.2009.5275951" @default.
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