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Decision making for electricity retailers in fractile model from multiple markets with rational responses of consumers

Author

Listed:
  • Shinya Sekizaki
  • Ichiro Nishizaki
  • Tomohiro Hayashida

Abstract

This paper presents a new decision-making model that enables a retailer to optimise a portfolio reflecting his or her risk attitude in the non-convex decision-making problem. In the proposed model, the responses of consumers to selling prices offered by the retailer are integrated with three types of electricity transactions. In our model, we deal with the three types of electricity transactions, i.e., forward contracts, day-ahead market transactions, and real-time market transactions, and consumers optimise the electricity consumption schedules in response to the time-of-use (TOU) selling prices offered by the retailer. In this paper, in order to examine behavior of the retailers with various risk attitudes effectively, we employ the fractile model that can find the preferred solution in the proposed non-convex decision-making model. Through the computational experiments, we demonstrate the validity of the proposed model for examining the retailer's actions in the deregulated electricity market.

Suggested Citation

  • Shinya Sekizaki & Ichiro Nishizaki & Tomohiro Hayashida, 2020. "Decision making for electricity retailers in fractile model from multiple markets with rational responses of consumers," International Journal of Energy Technology and Policy, Inderscience Enterprises Ltd, vol. 16(4), pages 413-432.
    • Handle: RePEc:ids:ijetpo:v:16:y:2020:i:4:p:413-432
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