Optimal Combinatorial Electricity Markets
Optimal Combinatorial Electricity Markets
The deregulation of the electricity industry in many countries has created a number of marketplaces in which producers and consumers can operate in order to more effectively manage and meet their energy needs. To this end, this paper develops a new model for electricity retail where end-use customers choose their supplier from competing electricity retailers. The model is based on simultaneous reverse combinatorial auctions, designed as a second-price sealed-bid multi-item auction with supply function bidding. This model prevents strategic bidding and allows the auctioneer to maximise its payoff. Furthermore, we develop optimal single-item and multi-item algorithms for winner determination in such auctions that are significantly less complex than those currently available in the literature.
123-135
Penya, Y.K.
57659273-9acf-42ff-8667-9f8ff5aff22d
Jennings, N. R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30
2008
Penya, Y.K.
57659273-9acf-42ff-8667-9f8ff5aff22d
Jennings, N. R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30
Penya, Y.K. and Jennings, N. R.
(2008)
Optimal Combinatorial Electricity Markets.
International Journal of Web Intelligence & Agent Systems, 6 (2), .
Abstract
The deregulation of the electricity industry in many countries has created a number of marketplaces in which producers and consumers can operate in order to more effectively manage and meet their energy needs. To this end, this paper develops a new model for electricity retail where end-use customers choose their supplier from competing electricity retailers. The model is based on simultaneous reverse combinatorial auctions, designed as a second-price sealed-bid multi-item auction with supply function bidding. This model prevents strategic bidding and allows the auctioneer to maximise its payoff. Furthermore, we develop optimal single-item and multi-item algorithms for winner determination in such auctions that are significantly less complex than those currently available in the literature.
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penya_jennings08-Optimal_combinatorial_electricity_markets.pdf
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Published date: 2008
Organisations:
Agents, Interactions & Complexity
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Local EPrints ID: 264665
URI: http://eprints.soton.ac.uk/id/eprint/264665
PURE UUID: 54be070d-6478-430a-b902-d6ce12ae3c72
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Date deposited: 10 Oct 2007
Last modified: 14 Mar 2024 07:54
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Author:
Y.K. Penya
Author:
N. R. Jennings
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