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Neural Fitted Q Iteration based Optimal Bidding Strategy in Real Time Reactive Power Market_1.
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In this paper, a pioneer work on learning optimal bidding strategies from observation and experience in a three-stage reactive power market is reported, where a bidding strategy is to be learned from market observations and experience of imperfect oligopolistic competition-based markets.Abstract:
In real time electricity markets, the objective of generation companies while bidding is to maximize their profit. The strategies for learning optimal bidding have been formulated through game theoretical approaches and stochastic optimization problems. Similar studies in reactive power markets have not been reported so far because the network voltage operating conditions have an increased impact on reactive power markets than on active power markets. Contrary to active power markets, the bids of rivals are not directly related to fuel costs in reactive power markets. Hence, the assumption of a suitable probability distribution function is unrealistic, making the strategies adopted in active power markets unsuitable for learning optimal bids in reactive power market mechanisms. Therefore, a bidding strategy is to be learnt from market observations and experience in imperfect oligopolistic competition-based markets. In this paper, a pioneer work on learning optimal bidding strategies from observation and experience in a three-stage reactive power market is reported.read more
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Tree-Based Batch Mode Reinforcement Learning
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Neural fitted q iteration – first experiences with a data efficient neural reinforcement learning method
TL;DR: NFQ, an algorithm for efficient and effective training of a Q-value function represented by a multi-layer perceptron, is introduced and it is shown empirically, that reasonably few interactions with the plant are needed to generate control policies of high quality.
Posted Content
Prioritized Experience Replay
TL;DR: A framework for prioritizing experience, so as to replay important transitions more frequently, and therefore learn more efficiently, in Deep Q-Networks, a reinforcement learning algorithm that achieved human-level performance across many Atari games.
Journal ArticleDOI
Deep Reinforcement Learning for Strategic Bidding in Electricity Markets
TL;DR: A novel deep reinforcement learning (DRL) based methodology, combining a deep deterministic policy gradient (DDPG) method with a prioritized experience replay (PER) strategy is proposed, enabling market participants to receive accurate feedback regarding the impact of their bidding decisions on the market clearing outcome.
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