Robust Framework Design for Electric Power Market with Supply Stability

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The deregulation trend in the electric power market since 1980's is partly due to the anticipation that introducing a pool market boosts the power companies' competitiveness and also lowers the electricity prices. Through California Electricity Crisis, however, it has been well understood that a pool market principle sometimes leads to the investment circumspection and the resultant price fluctuation. In general, power companies in the locally-monopolized market can easily invest in power-generation plants so as to meet the power demand, and the deregulation of the power industry inevitably makes the investment more risky. Furthermore, there have been invented no rules for making sufficient incentives in strategic investment. Stabilization of the power supply under the deregulated power market is an important requirement for the deregulated framework of the power market.This study aims to develop a simulation model of the deregulated power market and to propose the design method for the appropriate market rules that can stabilize the power prices. The market mechanism for the liberalized market needs to stabilize the market under variety of decision-making algorithms of stakeholders. However the strict market rules prevent stakeholders from joining the trading. The proposed design method may avoid the undesirable unstable behavior under the prepared decision-making algorithm-sets. The market rules are decided so that the desirability indicator such as the stability of the market price may be maximized. The decision-making models for plant-investment have been made through experimental economics method. And the desirable rule sets have been investigated based on the simulation-based simulation methods. The effectiveness of the proposed method was demonstrated through the simulation study.