Modelling the Electricity Markets using Mathematical Game Theory

M. Hruby and J. Toufar (Czech Republic)


electricity market, game theory, modelling and simulation, ancillary services, price forecasting


This paper brings an overview of our recent work on mod elling and simulation of czech market with electricity and ancillary services (AS). Described model has been imple mented as a certain simulation module called MODPRO included in our very large model product called MAES. We apply the mathematical game theory to model probable be havior of electricity manufactures on this market. Saying behavior we mean their decisions in price competition on five different electricity (sub-)markets (electrical energy, 4 markets with ancillary services).

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