The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power
This paper deals with a systematic way for modelling and visualising market power in liberalised electricitymarkets. The paper first introduces a new index termed the “Nodal Market Power” index, the NMP index. The NMP index is calculated based on the concept of “social welfare” in economics and the...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Conference Paper |
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IEEE Power & energy Society
2010
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| Subjects: | |
| Online Access: | http://hdl.handle.net/20.500.11937/30220 |
| _version_ | 1848753026029846528 |
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| author | Hesamzadeh, M. Biggar, D. Wolfs, Peter |
| author2 | Not known |
| author_facet | Not known Hesamzadeh, M. Biggar, D. Wolfs, Peter |
| author_sort | Hesamzadeh, M. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | This paper deals with a systematic way for modelling and visualising market power in liberalised electricitymarkets. The paper first introduces a new index termed the “Nodal Market Power” index, the NMP index. The NMP index is calculated based on the concept of “social welfare” in economics and the game theory in applied mathematics. The oligopoly electricity market is modelled through a non-cooperative game and the solution concept of the Nash equilibrium. The solution concept of Nash equilibrium is reformulated as an optimisation problem. To tackle the multiple Nash equilibria problem, the worst Nash equilibrium in terms of the social cost to the society is selected. Then after, the NMP index is calculated for each node of power system. A colour contour map is used for visualising the market power using the NMP index. |
| first_indexed | 2025-11-14T08:17:58Z |
| format | Conference Paper |
| id | curtin-20.500.11937-30220 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:17:58Z |
| publishDate | 2010 |
| publisher | IEEE Power & energy Society |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-302202017-01-30T13:18:12Z The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power Hesamzadeh, M. Biggar, D. Wolfs, Peter Not known Market Power Nodal Market Power Index Stackelberg-Worst Nash Equilibrium This paper deals with a systematic way for modelling and visualising market power in liberalised electricitymarkets. The paper first introduces a new index termed the “Nodal Market Power” index, the NMP index. The NMP index is calculated based on the concept of “social welfare” in economics and the game theory in applied mathematics. The oligopoly electricity market is modelled through a non-cooperative game and the solution concept of the Nash equilibrium. The solution concept of Nash equilibrium is reformulated as an optimisation problem. To tackle the multiple Nash equilibria problem, the worst Nash equilibrium in terms of the social cost to the society is selected. Then after, the NMP index is calculated for each node of power system. A colour contour map is used for visualising the market power using the NMP index. 2010 Conference Paper http://hdl.handle.net/20.500.11937/30220 IEEE Power & energy Society fulltext |
| spellingShingle | Market Power Nodal Market Power Index Stackelberg-Worst Nash Equilibrium Hesamzadeh, M. Biggar, D. Wolfs, Peter The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title | The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title_full | The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title_fullStr | The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title_full_unstemmed | The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title_short | The Nodal Market Power Index (NMP Index) for Modelling and Visualising Market Power |
| title_sort | nodal market power index (nmp index) for modelling and visualising market power |
| topic | Market Power Nodal Market Power Index Stackelberg-Worst Nash Equilibrium |
| url | http://hdl.handle.net/20.500.11937/30220 |