SBIR Phase I: Determination of Optimal Bidding Strategies and Nash Equilibria in Electric Power Markets

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This Small Business Innovation Research (SBIR) Phase I project addresses a major problem faced by participants and government regulators in the electrical power industry. The electric power industry in the United States and throughout much of the world is presently in a period of radical and rapid restructuring. The ultimate goal of much of this restructuring is lower prices, to be achieved through the development of competitive markets for electricity. These changes require new tools both for the market participants and for the market regulators. For the participants one such new tool is the ability to optimize their market decisions in order to maximize profit. For the regulators a new tool is needed to insure that the market operates without undue market power abuses by the participants. As will be shown in this proposal, the software tool needs of both the participants and regulators are quite similar. The goal of this project is the development of such a tool.PowerWorld Corporation's present customers include traditional utilities, power marketers, industry consultants, several state regulatory commissions, as well as the Federal Energy Regulatory Commission. Many of these customers have expressed a great desire for PowerWorld to expand its products to include a detailed market simulation tool. PowerWorld Simulator, with further development, has a tremendous potential to be one of the most valuable new tools available in the coming years.