Dynamic LMP response under alternative price-cap and price-sensitive demand scenarios

Hongyan Li, Junjie Sun and Leigh Tesfatsion ()

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: This study investigates the complicated nonlinear effects of demand-bid price sensitivity and supply-offer price caps on Locational Marginal Prices (LMPs) for bulk electric power when profit-seeking generators can learn over time how to strategize their supply offers. Systematic computational experiments are conducted using AMES, an open-source agent-based test bed developed by the authors. AMES models a restructured wholesale power market operating through time over an AC transmission grid subject to line constraints, generation capacity constraints, and strategic trader behaviors.

Date: 2008-01-01
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Working Paper: Dynamic LMP Response Under Alternative Price-Cap and Price-Sensitive Demand Scenarios (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:200801010800001034

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