Değerli GTÜ araştırmacıları ve öğrencileri,

20 Kasım 2024 Çarşamba günü saat 12:30'da Sabancı Üniversitesi'nden Murat Kaya'nın vereceği "Competition, Risk, and Learning in Electricity Markets" başlıklı Endüstri Mühendisliği bölüm semineri gerçekleştirilecektir. Seminer ile ilgili detaylı bilgiyi aşağıda bulabilirsiniz.

Katılımınızdan memnuniyet duyarız.

Competition, Risk, and Learning in Electricity Markets

Murat Kaya, Sabancı University

20.11. 2024, 12:30-13:30, Harita/Endüstri Mühendisliği Binası, Z03

Abstract. Electricity markets often operate as oligopolies, rather than a perfectly competitive market, due to the power grid's physical transmission constraints and a limited number of participants. The frequent bidding nature of the market provides its participants with learning opportunities. In this work, we study the effects of learning and risk aversion on generation company (GenCo) bidding behavior in an oligopolistic electricity market. To this end, we develop a flexible agent-based simulation model in which GenCo agents bid prices in each period. The Independent System Operator (ISO) solves a DC-OPF problem to determine locational prices and dispatch quantities, taking transmission grid constraints into account.

Our simulations show how, due to competition and learning, the change in the risk aversion level of even one GenCo can significantly impact all GenCos’ bids and profits. In particular, we find some risk aversion to benefit all GenCos, whereas excessive risk aversion degrades profits by causing intense price competition. Our comprehensive study on the effects of Q-learning parameters finds the level of exploration to have a large impact on the outcome. The results of this work can help GenCos develop bidding strategies that consider their rivals’ as well as their own learning behavior and risk aversion levels. Likewise, the results can help regulators design market rules that consider GenCo’s realistic behavior. This is joint work with Dr. Danial Esmaeili Aliabadi and Prof. Güvenç Şahin.

Bio. Murat Kaya is a faculty member at the Industrial Engineering Program of Sabancı University, Istanbul, Turkey. He holds M.S. and Ph.D. degrees from Stanford University's Management Science and Engineering (MS&E) Department. During his Ph.D. studies, Dr. Kaya has worked on several projects at Hewlett Packard Research Laboratories in Palo Alto, USA.

Dr. Kaya's research is concerned with strategic decision analysis in supply chains. Having worked with traditional supply chains in apparel, FMCG, automotive, and pharma industries, Dr. Kaya’s recent interest is directed toward applied decision & optimization problems in energy supply chains. His research has been supported by an EC Marie Curie International Reintegration Grant (IRG).

At Sabancı University, Dr. Kaya has been the academic director of the Energy Technologies and Management (ETM) graduate program since 2018. He also held the position of Vice Dean of the Faculty of Engineering and Natural Sciences (FENS) between 2019 and 2020. Dr. Kaya is affiliated with Sabancı University Istanbul International Center for Energy and Climate (IICEC).

Endüstri Mühendisliği

Etkinlikler>> Tümü

Duyurular>> Tümü