Comparative study between two market clearing schemes in wind dominant electricity markets


High price volatility and excessive worth reduction are introduced as two rising issues in wind dominant electricity markets. In this study, an agent-based simulation methodology is used to analyze the impact of two pricing mechanisms, uniform and pay-as-bid, on the mentioned problems. In keeping with the proposed agent-primarily based approach, electricity market agents (here generation units) learn from their previous bidding expertise to get most money. A comparative study is then conducted to research the impact of mentioned pricing schemes on price volatility and average worth level. It's shown that these two pricing mechanisms cause totally different bidding behaviours for the generation units. This study suggests that this alteration in market agent behaviour, modifies the overall value volatility and system average value. The results indicate that a pay-as-bid pricing mechanism can alleviate policy maker's concerns regarding mentioned rising problems in Power Systems with very high proportion of wind power penetration. It is additionally shown that market efficiency is lower underneath pay-as-bid theme. The validity of the proposed methodology is investigated using IEEE twenty four-bus check system with 33 generation units.

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