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Applications of Game Theory to Evolv...

Ackon, Felix Peadu,

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Applications of Game Theory to Evolving and Uncertain Power Systems /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Applications of Game Theory to Evolving and Uncertain Power Systems // Felix Peadu Ackon.
Author:	Ackon, Felix Peadu,
Description:	1 electronic resource (113 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 86-12, Section: B.
Contained By:	Dissertations Abstracts International86-12B.
Subject:	Energy. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31839171
ISBN:	9798280749443

Applications of Game Theory to Evolving and Uncertain Power Systems /
Ackon, Felix Peadu,

Applications of Game Theory to Evolving and Uncertain Power Systems /Felix Peadu Ackon. - 1 electronic resource (113 pages)

Source: Dissertations Abstracts International, Volume: 86-12, Section: B.

Supply uncertainty is a significant issue facing the electricity industry's future, as intermittent renewable (solar, wind, etc.) energy sources replace traditional dispatchable fossil fuel-based (coal, natural gas, etc.) power plants. This shift, prompted by the goal of reducing carbon emissions by adopting mass electrification of technologies, requires a fundamental rethinking of how we design and operate our power grid. We investigate the economic and operational challenges of integrating renewables into the rapidly growing power system. First, we develop a wholesale power market model to address whether renewables' reliability risk is mitigated by allocating renewable energy sources in a complementary manner. We show that diversification has the opposite effect as desired and reduces reliability when renewables are large market participants. Next, we develop a similar market model that captures the contemporary episodes of negative power prices. We show that these occurrences have three underlying causes: renewable production subsidies, significant renewable capacity, and insufficient imbalance tariffs for production shortfall. Finally, we propose a framework for system operators to achieve specific objectives, including reducing carbon emissions while maintaining grid integrity when comparing alternative pathways to lower emissions. Our method is transparent and uses standard tools from power scheduling to integrate directly into a system operator workflow.

English

ISBN: 9798280749443Subjects--Topical Terms:

876794
Energy.
Subjects--Index Terms:

Energy markets

Applications of Game Theory to Evolving and Uncertain Power Systems /
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520 $a Supply uncertainty is a significant issue facing the electricity industry's future, as intermittent renewable (solar, wind, etc.) energy sources replace traditional dispatchable fossil fuel-based (coal, natural gas, etc.) power plants. This shift, prompted by the goal of reducing carbon emissions by adopting mass electrification of technologies, requires a fundamental rethinking of how we design and operate our power grid. We investigate the economic and operational challenges of integrating renewables into the rapidly growing power system. First, we develop a wholesale power market model to address whether renewables' reliability risk is mitigated by allocating renewable energy sources in a complementary manner. We show that diversification has the opposite effect as desired and reduces reliability when renewables are large market participants. Next, we develop a similar market model that captures the contemporary episodes of negative power prices. We show that these occurrences have three underlying causes: renewable production subsidies, significant renewable capacity, and insufficient imbalance tariffs for production shortfall. Finally, we propose a framework for system operators to achieve specific objectives, including reducing carbon emissions while maintaining grid integrity when comparing alternative pathways to lower emissions. Our method is transparent and uses standard tools from power scheduling to integrate directly into a system operator workflow.
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