Application and Comparison of Agent and Supply Function Equilibrium Models in Electricity Market Auction
Zeng Ming
Wang Yu-ping
Wang Lei
Xue Song
He Yan-ying
Abstract：The advancement in power system reform promotes an increasingly competitive electricity mar-ket .Under such an environment , based on competitors and personal situation ,power generation companies have developed reasonable and effective bidding strategies to maximize profits .By considering extreme val-ue of the future market and the daily market , an agent model and supply function equilibrium ( SFE) mod-el are built .Then, the prediction accuracy obtained by the models is compared .With a numerical example of four typical days in a regional grid of some cities , it is shown that , in the non-peak hours , the agent model has a strong forecasting ability of the price level and volatility , while the SFE model can more accu-rately predict off-peak price level .
Keywords：electricity marketsagent modelsupply function equilibrium
Publication Date：2014-01-01
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：5( 12-16 )