Stability of the Stochastic Model for Power Markets with Interval Parameters

Abstract

Pertaining to the random nature of demand sides and the range of demand elasticity with suppliers and consumers, a stochastic model for power markets with interval parameters is described to illustrate uncertain external disturbances, which is a generalization of the Alvarado dynamic model, stochastic model, and interval model. The interval stochastic stability criteria of the provided model are investigated by the theory of economics, interval dynamical system, and the theory stability of stochastic differential equations. The conclusions indicate that the demand elasticity stable interval can be calculated and the random excitation intensity does not impact the system stability. Some numerical examples are given to show the applicability and validity of the obtained results from a statistical perspective.