Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market

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FESHARI MAJID; NAZEMI ALI; Farahi Shiva

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Paper Information

Journal: JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH Year:2018 | Volume:4 | Issue:10 Page(s): 99-133

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Information Journal Paper

Title

Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market

Author(s)

FESHARI MAJID | NAZEMI ALI | Farahi Shiva | Issue Writer Certificate

Keywords

Uniform Auction

Discriminatory Auction (Pay-as-Bid)

Agent-Based Modeling

Reinforcement Algorithms

Market Efficiency

Abstract

After restructuring the power industry, choosing a proper auction rule has been considered as a main challenge. Uniform price auctions and discriminatory (pay-as-bid) auctions have been widely used. This paper tries to compare the costs of the Electricity market under Uniform Auction and pay-as-bid auction using agent based modeling. Using Roth-Erev algorithm and based on the data of Iran electricity market for 2014, cost of the electricity market has been simulated and compared under the two auction mechanisms. According to the results under pay-as-bid auction, diversion of players from their marginal costs is more likely mainly because of its settlement rules. Since Iran's electricity market is ruled under pay-as-bid auction, revision in its auction structure is recommended to the Electricity Market Regulatory Board.

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APA: Copy

FESHARI, MAJID, NAZEMI, ALI, & Farahi, Shiva. (2018). Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market. JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH, 4(10 ), 99-133. SID. https://sid.ir/paper/368547/en

Vancouver: Copy

FESHARI MAJID, NAZEMI ALI, Farahi Shiva. Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market. JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH[Internet]. 2018;4(10 ):99-133. Available from: https://sid.ir/paper/368547/en

IEEE: Copy

MAJID FESHARI, ALI NAZEMI, and Shiva Farahi, “Comparative Analysis of Pay-as-Bid and Uniform Auctions in Iran's Electricity Market,” JOURNAL OF ENERGY PLANNING AND POLICY RESEARCH, vol. 4, no. 10 , pp. 99–133, 2018, [Online]. Available: https://sid.ir/paper/368547/en

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