{"title":"A performance comparison of probabilistic techniques for electricity market simulation","authors":"P. Fonseka, Z. Dong, T. K. Saha","doi":"10.1109/PES.2009.5275873","DOIUrl":null,"url":null,"abstract":"This paper compares the performances of two probabilistic techniques, namely (i) two-point estimate (2PE) method and (ii) Monte Carlo (MC) method, when modelling the uncertainties in market simulation. The demand, bid price, and capacity offer quantities are modelled as uncertain variables. A generalized zonal market model has been analysed with relaxed generation and network representation. A simplified version of National Electricity Market (NEM) of Australia has been studied and results are discussed.","PeriodicalId":258632,"journal":{"name":"2009 IEEE Power & Energy Society General Meeting","volume":"71 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2009 IEEE Power & Energy Society General Meeting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/PES.2009.5275873","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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Abstract
This paper compares the performances of two probabilistic techniques, namely (i) two-point estimate (2PE) method and (ii) Monte Carlo (MC) method, when modelling the uncertainties in market simulation. The demand, bid price, and capacity offer quantities are modelled as uncertain variables. A generalized zonal market model has been analysed with relaxed generation and network representation. A simplified version of National Electricity Market (NEM) of Australia has been studied and results are discussed.
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