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Γ-Robust Electricity Market Equilibrium Models with Transmission and Generation Investments

  • We consider uncertain robust electricity market equilibrium problems including transmission and generation investments. Electricity market equilibrium modeling has a long tradition but is, in most of the cases, applied in a deterministic setting in which all data of the model are known. Whereas there exist some literature on stochastic equilibrium problems, the field of robust equilibrium models is still in its infancy. We contribute to this new field of research by considering Γ-robust electricity market equilibrium models on lossless DC networks with transmission and generation investments. We state the nominal market equilibrium problem as a mixed complementarity problem as well as its variational inequality and welfare optimization counterparts. For the latter, we then derive a Γ-robust formulation and show that it is indeed the counterpart of a market equilibrium problem with robustified player problems. Finally, we present two case studies to gain insights into the general effects of robustification on electricity market models. In particular, our case studies reveal that the transmission system operator tends to act more risk-neutral in the robust setting, whereas generating firms clearly behave more risk-averse.

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Author:Emre Çelebi, Vanessa Krebs, Martin Schmidt
Parent Title (German):Energy Systems
Document Type:Article
Language:English
Date of Publication (online):2020/01/27
Date of first Publication:2020/01/27
Release Date:2020/01/27
Tag:Electricity market equilibrium models; Perfect competition; Robust market equilibria; Robust optimization; Transmission and generation investment
Page Number:20
Institutes:Friedrich-Alexander-Universität Erlangen-Nürnberg
Universität Trier
Subprojects:A05
B08
Licence (German):License LogoCreative Commons - CC BY - Namensnennung 4.0 International