Non-Smooth Dynamics in Energy Market Models: A Complex Approximation from System Dynamics and Dynamical Systems Approach

This paper reports a general model that describes the supply and demand of electricity in a national market based on the system dynamics (SD) approach. From the resulting SD model, it derives piecewise smooth (non-smooth) differential equations from the nonlinear functions and feedback cycles of the corresponding stock-flow structure. Subsequently, the stability of the equilibrium points and non-smooth dynamics of the SD model are investigated using the dynamical systems theory. Filippov systems are found in the proposed SD model and non-smooth vector fields associated with generators investment decisions are accumulated. Under this combining methodology, the non-smooth dynamics of energy markets that are governed by the supply and demand laws are uncovered mathematically and deeply described. In fact, we extend our investigation results to any energy market model attached to various investment decisions, confirming the generalizability of our research. © 2013 IEEE.

• Fecha de publicación: 2020
• Institución: Universidad de Medellín
• Repositorio: Repositorio UDEM
• Idioma: eng
• OAI Identifier: oai:repository.udem.edu.co:11407/5985
• Acceso en línea: http://hdl.handle.net/11407/5985
• Palabra clave: Complexity; dynamic systems; energy markets; energy policy; Fillipov systems; modeling; non-smooth dynamic; power markets; simulations; system dynamics; Differential equations; Dynamical systems; Nonlinear equations; Power markets; System theory; Dynamical systems approach; Energy market modeling; Equilibrium point; Investment decisions; Non-smooth dynamics; Non-smooth vector fields; Nonlinear functions; Supply and demand; Investments
• License: http://purl.org/coar/access_right/c_16ec