Role of Flexible Demand Technology in Modern Electricity Markets - A Game-Theoretic Perspective

Explore the role of flexible demand technology in modern electricity markets through a game-theoretic lens in this 38-minute workshop from the Alan Turing Institute. Delve into the challenges of decarbonization and deregulation in electricity systems, and understand how demand-side management can address emerging issues. Learn about the system benefits of flexible demand technologies and their impact on market dynamics. Examine the modeling framework of bi-level optimization and non-cooperative games to find Nash Equilibria. Investigate the effects on producers' market power, retailers' business cases, and generation investment planning. Gain insights into future work directions in deregulated market modeling, all within the context of mean-field games and their applications to energy and environmental optimization problems.

Intro
Electricity systems: Decarbonisation of generation and demand
Decarbonisation challenges
Role of demand side in addressing emerging challenges
System benefits of flexible demand technologies
Electricity systems: Deregulation
Deregulation challenges
Modelling framework: Bi-level optimization
Non-cooperative game: Finding Nash Equilibria (NE)
Impact on producers' market power
Impact on retailers' business case
Impact on generation investment planning
Future work directions in deregulated market modelling