How to Use Reinforcement Learning to Facilitate Future Electricity Market Design? Part 2: Method and Applications. (arXiv:2305.06921v2 [cs.GT] UPDATED)

This two-part paper develops a paradigmatic theory and detailed methods of
the joint electricity market design using reinforcement-learning (RL)-based
simulation. In Part 2, this theory is further demonstrated by elaborating
detailed methods of designing an electricity spot market (ESM), together with a
reserved capacity product (RC) in the ancillary service market (ASM) and a
virtual bidding (VB) product in the financial market (FM). Following the theory
proposed in Part 1, firstly, market design options in the joint market are
specified. …

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