Agent based simulation of centralized electricity transaction market using bi-level and Q-learning algorithm approach

The market participants face risks in market price fluctuations and uncertainties in the demand behaviour, regardless of the series of restructuring reforms of China power industry. To address this gap, the strategic pricing and bidding behaviour of generation and electricity selling enterprises in double-sided auctions of centralized electricity transaction market with elastic demand is examined. The market is modelled with two-level (Bi-level)...