Impact of cyber-security breach to price signals on power market: An experimental human simulation

Name: Impact of cyber-security breach to price signals on power market: An experimental human simulation
Author: Poyrazoğlu, Göktürk, Oh, H. S.

İsim	Impact of cyber-security breach to price signals on power market: An experimental human simulation
Yazar	Poyrazoğlu, Göktürk, Oh, H. S.
Basım Tarihi:	2018
Basım Yeri	- IEEE
Konu	Cyber-security, Electricity markets, Market power, Simulation, Speculation
Tür	Belge
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	978-178561791-1
Kayıt Numarası	0154e1e0-4944-4285-88c4-a438c02fc729
Lokasyon	Electrical & Electronics Engineering
Tarih	2018
Örnek Metin	The market power is a term defined in power economics as a potential to make the electric power market volatile. A supplier having the market power has an opportunity to speculate on the market clearing price. Observance of the market power may be destructive for the system only if a supplier actually exercises its potential. Although there are several studies on the assessment of market power, there is no study showing the consequences if a supplier stealthy exercises its market power. In order to fill this gap in the literature, a multi-player electric market game is developed and a realistic market environment is simulated with the participation of engineering students. Mainly the cyber-security issue in conjunction with the market power is focused in this study. For a limited number of periods, price information is intentionally corrupted via cyber-attack to create a misbelief at the supplier side. The analysis of the results showed that if a participant is under the impression of possessing the market power regardless actual possession, he/she would try to exercise it to raise its profit, and as a result, market clearing price starts to fluctuate.
DOI	10.1049/cp.2018.1899

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Impact of cyber-security breach to price signals on power market: An experimental human simulation

Yazar Poyrazoğlu, Göktürk, Oh, H. S.

Basım Tarihi 2018

Basım Yeri - IEEE

Konu Cyber-security, Electricity markets, Market power, Simulation, Speculation

Tür Belge

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 978-178561791-1

Kayıt Numarası 0154e1e0-4944-4285-88c4-a438c02fc729

Lokasyon Electrical & Electronics Engineering

Tarih 2018

Örnek Metin The market power is a term defined in power economics as a potential to make the electric power market volatile. A supplier having the market power has an opportunity to speculate on the market clearing price. Observance of the market power may be destructive for the system only if a supplier actually exercises its potential. Although there are several studies on the assessment of market power, there is no study showing the consequences if a supplier stealthy exercises its market power. In order to fill this gap in the literature, a multi-player electric market game is developed and a realistic market environment is simulated with the participation of engineering students. Mainly the cyber-security issue in conjunction with the market power is focused in this study. For a limited number of periods, price information is intentionally corrupted via cyber-attack to create a misbelief at the supplier side. The analysis of the results showed that if a participant is under the impression of possessing the market power regardless actual possession, he/she would try to exercise it to raise its profit, and as a result, market clearing price starts to fluctuate.

DOI 10.1049/cp.2018.1899