A Review on the Complementarity Modelling in Competitive Electricity Markets

In recent years, the ever-increasing research interest in various aspects of the electricity pool-based markets has generated a plethora of complementarity-based approaches to determine participating agents’ optimal offering/bidding strategies and model players’ interactions. In particular, the inte...

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Autores principales:	Christos N. Dimitriadis, Evangelos G. Tsimopoulos, Michael C. Georgiadis
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	complementarity electricity markets natural gas market coupling MPEC EPEC conjectural variations Technology T
Acceso en línea:	https://doaj.org/article/cc172fff0eb4424a8609820f9ab622fb
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spelling	oai:doaj.org-article:cc172fff0eb4424a8609820f9ab622fb2021-11-11T15:55:22ZA Review on the Complementarity Modelling in Competitive Electricity Markets10.3390/en142171331996-1073https://doaj.org/article/cc172fff0eb4424a8609820f9ab622fb2021-11-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/21/7133https://doaj.org/toc/1996-1073In recent years, the ever-increasing research interest in various aspects of the electricity pool-based markets has generated a plethora of complementarity-based approaches to determine participating agents’ optimal offering/bidding strategies and model players’ interactions. In particular, the integration of multiple and diversified market agents, such as conventional generation companies, renewable energy sources, electricity storage facilities and agents with a mixed generation portfolio has instigated significant competition, as each player attempts to establish their market dominance and realize substantial financial benefits. The employment of complementarity modelling approaches can also prove beneficial for the optimal coordination of the electricity and natural gas market coupling. Linear and nonlinear programming as well as complementarity modelling, mainly in the form of mathematical programs with equilibrium constraints (MPECs), equilibrium programs with equilibrium constraints (EPECs) and conjectural variations models (CV) have been widely employed to provide effective market clearing mechanisms, enhance agents’ decision-making process and allow them to exert market power, under perfect and imperfect competition and various market settlements. This work first introduces the theoretical concepts that regulate the majority of contemporary competitive electricity markets. It then presents a comprehensive review of recent advances related to complementarity-based modelling methodologies and their implementation in current competitive electricity pool-based markets applications.Christos N. DimitriadisEvangelos G. TsimopoulosMichael C. GeorgiadisMDPI AGarticlecomplementarityelectricity marketsnatural gas market couplingMPECEPECconjectural variationsTechnologyTENEnergies, Vol 14, Iss 7133, p 7133 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	complementarity electricity markets natural gas market coupling MPEC EPEC conjectural variations Technology T
spellingShingle	complementarity electricity markets natural gas market coupling MPEC EPEC conjectural variations Technology T Christos N. Dimitriadis Evangelos G. Tsimopoulos Michael C. Georgiadis A Review on the Complementarity Modelling in Competitive Electricity Markets
description	In recent years, the ever-increasing research interest in various aspects of the electricity pool-based markets has generated a plethora of complementarity-based approaches to determine participating agents’ optimal offering/bidding strategies and model players’ interactions. In particular, the integration of multiple and diversified market agents, such as conventional generation companies, renewable energy sources, electricity storage facilities and agents with a mixed generation portfolio has instigated significant competition, as each player attempts to establish their market dominance and realize substantial financial benefits. The employment of complementarity modelling approaches can also prove beneficial for the optimal coordination of the electricity and natural gas market coupling. Linear and nonlinear programming as well as complementarity modelling, mainly in the form of mathematical programs with equilibrium constraints (MPECs), equilibrium programs with equilibrium constraints (EPECs) and conjectural variations models (CV) have been widely employed to provide effective market clearing mechanisms, enhance agents’ decision-making process and allow them to exert market power, under perfect and imperfect competition and various market settlements. This work first introduces the theoretical concepts that regulate the majority of contemporary competitive electricity markets. It then presents a comprehensive review of recent advances related to complementarity-based modelling methodologies and their implementation in current competitive electricity pool-based markets applications.
format	article
author	Christos N. Dimitriadis Evangelos G. Tsimopoulos Michael C. Georgiadis
author_facet	Christos N. Dimitriadis Evangelos G. Tsimopoulos Michael C. Georgiadis
author_sort	Christos N. Dimitriadis
title	A Review on the Complementarity Modelling in Competitive Electricity Markets
title_short	A Review on the Complementarity Modelling in Competitive Electricity Markets
title_full	A Review on the Complementarity Modelling in Competitive Electricity Markets
title_fullStr	A Review on the Complementarity Modelling in Competitive Electricity Markets
title_full_unstemmed	A Review on the Complementarity Modelling in Competitive Electricity Markets
title_sort	review on the complementarity modelling in competitive electricity markets
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/cc172fff0eb4424a8609820f9ab622fb
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A Review on the Complementarity Modelling in Competitive Electricity Markets

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