Nash-equilibrium electricity portfolios in the smart grid: A genetic annealing solution

Genaro Longoria, Lei Shi

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

2 Citations (Scopus)

Abstract

To leverage the potential of bilateral contracts in the smart grid, we address the conflict-of-interest problem of designing energy portfolios. From the viewpoint of competing Utility companies, we present a game theoretical formulation for contract offering with integration of wind energy. We propose a heuristic algorithm, the Recursive Genetic Annealing algorithm (RGAn), to find the Nash-Equilibrium solution, that is, the best trade-off between cost and uncertainty. To hedge the portfolios, we model the decision making process as a non-cooperative game. Expected Utility theory is used to define the minimum cost energy mix. We show the RGAn outperforms the genetic algorithm.

Original languageEnglish
Title of host publicationICSG 2017 - 5th International Istanbul Smart Grids and Cities Congress and Fair
EditorsAydin Cetin, Ali Yilmaz Camurcu
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages56-59
Number of pages4
ISBN (Electronic)9781509059386
DOIs
Publication statusPublished - 13 Jun 2017
Event5th International Istanbul Smart Grids and Cities Congress and Fair, ICSG 2017 - Istanbul, Turkey
Duration: 19 Apr 201721 Apr 2017

Publication series

NameICSG 2017 - 5th International Istanbul Smart Grids and Cities Congress and Fair

Conference

Conference5th International Istanbul Smart Grids and Cities Congress and Fair, ICSG 2017
Country/TerritoryTurkey
CityIstanbul
Period19/04/201721/04/2017

Keywords

  • Contract management
  • Genetic Annealing Algorithm
  • Non-cooperative game

Fingerprint

Dive into the research topics of 'Nash-equilibrium electricity portfolios in the smart grid: A genetic annealing solution'. Together they form a unique fingerprint.

Cite this