Nash–Cournot power market model with a high penetration of prosumers: A distributionally robust optimization approach. (15th June 2022)

• Record Type: Journal Article
• Authors: Sun, Guoqiang; Wang, Rui; Chen, Sheng; Wu, Chen; Wei, Zhinong; Zang, Haixiang
• Is Part Of: Journal of cleaner production. Volume 353(2022)
• Publication Date: 2022-06-15
• Subjects: Market equilibrium -- Prosumer -- Cournot model -- Uncertainty -- Distributionally robust optimization (DRO); Factory and trade waste -- Management -- Periodicals; Manufactures -- Environmental aspects -- Periodicals; Déchets industriels -- Gestion -- Périodiques; Usines -- Aspect de l'environnement -- Périodiques; 628.5
• DOI: 10.1016/j.jclepro.2022.131565
• Languages: English
• ISSNs: 0959-6526

Abstract

Abstract: The penetration of renewables on the demand side has recently attracted a large amount of attention. Its dual identity has an important impact on the competition between power producers and market dispatching. This study analyzed the participation of prosumers in the Nash–Cournot model for power market clearing. On this basis, we considered the uncertainty of renewable energy production, under which we used the distributionally robust optimization (DRO) model to produce a market equilibrium. Moreover, the Column-and-Constraint Generation algorithm was employed to solve the model. As a result, the impact of prosumers penetration and their production uncertainty on market equilibria was quantified and analyzed. Numerical simulations on an IEEE-30 bus system investigated the impact of the uncertainty of renewable energy output, the penetration level of wind power, and the demand level on the market equilibria. Test results demonstrate that the social welfare obtained from the proposed DRO model is 6.89% higher than that obtained from traditional robust optimization models.