Date on Master's Thesis/Doctoral Dissertation

12-2016

Document Type

Master's Thesis

Degree Name

M.S.

Department

Industrial Engineering

Degree Program

Industrial Engineering, MS

Committee Chair

Bai, Lihui

Committee Co-Chair (if applicable)

Bae, Kihwan

Committee Member

Bae, Kihwan

Committee Member

Riedel, Thomas

Author's Keywords

shadow prices; equilibrium model; energy policy; decision making; economy

Abstract

The increasing energy challenges worldwide are forcing researchers to explore ways for energy systems that work more efficiently on their own and with each other. This thesis develops an integrated electricity market equilibrium model (EMEM) as a mixed complementarity problem (MCP). In particular, we first develop an equilibrium model to study an electricity market consisting of coal producers, electricity generation firms, natural gas producers, natural gas marketers, natural gas pipeline owners, natural gas consumers and electricity consumers. The equilibrium model not only captures a decentralized optimization for each player but considers the interaction amongst players. Second, we formulate the equilibrium model as a mixed complementarity problem (MCP) and conduct computational studies and sensitivity analyses to shed lights on energy policy making. Numerical results show that the proposed integrated equilibrium model can effectively govern the supply and demand among all players.

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