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Applications of Bilevel Optimization in Energy and Electricity Markets

In: Bilevel Optimization

Author

Listed:
  • Sonja Wogrin

    (Comillas Pontifical University)

  • Salvador Pineda

    (University of Malaga)

  • Diego A. Tejada-Arango

    (Comillas Pontifical University)

Abstract

Ever since the beginning of the liberalization process of the energy sector and the arrival of electricity markets, decision making has gone away from centralized planners and has become the responsibility of many different entities such as market operators, private generation companies, transmission system operators and many more. The interaction and sequence in which these entities make decisions in liberalized market frameworks have led to a renaissance of Stackelberg-type games referred to as bilevel problems, which capture the natural hierarchy in many decision-making processes in power systems. This chapter aims at demonstrating the crucial insights that such models can provide, and at providing a broad overview of the plethora of the applications of bilevel programming in energy and electricity markets. Finally, a numerical example is included for illustrative purposes.

Suggested Citation

  • Sonja Wogrin & Salvador Pineda & Diego A. Tejada-Arango, 2020. "Applications of Bilevel Optimization in Energy and Electricity Markets," Springer Optimization and Its Applications, in: Stephan Dempe & Alain Zemkoho (ed.), Bilevel Optimization, chapter 0, pages 139-168, Springer.
    • Handle: RePEc:spr:spochp:978-3-030-52119-6_5
    DOI: 10.1007/978-3-030-52119-6_5
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    Citations

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    Cited by:

    1. Kobkoon Janngam & Suthep Suantai & Yeol Je Cho & Attapol Kaewkhao & Rattanakorn Wattanataweekul, 2023. "A Novel Inertial Viscosity Algorithm for Bilevel Optimization Problems Applied to Classification Problems," Mathematics, MDPI, vol. 11(14), pages 1-15, July.
    2. Holger Heitsch & René Henrion & Thomas Kleinert & Martin Schmidt, 2022. "On convex lower-level black-box constraints in bilevel optimization with an application to gas market models with chance constraints," Journal of Global Optimization, Springer, vol. 84(3), pages 651-685, November.
    3. G. Constante-Flores & A. J. Conejo & S. Constante-Flores, 2022. "Solving certain complementarity problems in power markets via convex programming," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 30(3), pages 465-491, October.
    4. Fränk Plein & Johannes Thürauf & Martine Labbé & Martin Schmidt, 2022. "A bilevel optimization approach to decide the feasibility of bookings in the European gas market," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 95(3), pages 409-449, June.
    5. Bichuch, Maxim & Hobbs, Benjamin F. & Song, Xinyue, 2023. "Identifying optimal capacity expansion and differentiated capacity payments under risk aversion and market power: A financial Stackelberg game approach," Energy Economics, Elsevier, vol. 120(C).

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