The nodal market power index (NMP Index) for modelling and visualising market power
2010 (English)In: IEEE PES General Meeting, PES 2010, Minneapolis, MN, 2010Conference paper (Refereed)
This paper deals with a systematic way for modelling and visualising market power in liberalised electricity markets. The paper first introduces a new index termed the "Nodal Market Power" index, the NMP index. The NMP index is calculated based on the concept of "social welfare" in economics and the game theory in applied mathematics. The oligopoly electricity market is modelled through a non-cooperative game and the solution concept of the Nash equilibrium. The solution concept of Nash equilibrium is reformulated as an optimisation problem. To tackle the multiple Nash equilibria problem, the worst Nash equilibrium in terms of the social cost to the society is selected. Then after, the NMP index is calculated for each node of power system. A colour contour map is used for visualising the market power using the NMP index.
Place, publisher, year, edition, pages
Minneapolis, MN, 2010.
, IEEE POWER AND ENERGY SOCIETY GENERAL MEETING 2010
Market power, Nodal market power index, Stackelberg-Worst nash equilibrium, Applied mathematics, Contour map, Electricity market, Liberalised electricity market, Nash equilibria, Nash Equilibrium, New indices, Nodal market power, Noncooperative game, Optimisations, Power systems, Social cost, Social welfare, Solution concepts, Competition, Game theory, Telecommunication networks, Commerce
Electrical Engineering, Electronic Engineering, Information Engineering
IdentifiersURN: urn:nbn:se:kth:diva-79300DOI: 10.1109/PES.2010.5590137ISI: 000287611903083ISBN: 9781424483570OAI: oai:DiVA.org:kth-79300DiVA: diva2:495346
IEEE PES General Meeting, PES 2010
QC 201202172012-02-082012-02-082012-02-17Bibliographically approved