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In this paper, we propose variational inequality models for electricity markets with time-of-use (TOU) pricing. Demand response is dynamic in the model through a dependence on the lagged demand. Different market structures are examined within this context. With an illustrative example, the welfare gains/losses are analyzed after an implementation of TOU pricing scheme over the single pricing scheme...
Ornstein-Uhlenbeck process is widely used in the study of neuronal activity and in electricity markets spot price modeling. Let LB be the last exit time from a compact set B of the Ornstein-Uhlenbeck type Markov process X = (Ω,ℱ, ℱt, Xt, θt, Px) on Rd. A sufficient and necessary condition for Ex[LBη] <; ∞(η >; 0) is expressed in terms of transition probabilities of the process. Based on the...
The electrical power system has the uncertainty in its operation process, from this brings the demand forecast can with actual demand existence certain deviation. The balanced from the electricity generation and the load demand may brought to be, by using of the day-ahead and real-time electricity market transaction mechanism and the demand real-time adjustment electricity generation. At the same...
This paper presents a forecasting technique to predict next-day electricity spot prices and volatilities. Our technique combines a fundamental model formulated as supply stack modeling, with an econometric analysis based on the GARCH methodology. Empirical results from the wholesale electricity market of Great Britain are discussed.
This paper investigates a two stage equilibrium model for generators' strategic behaviors in contract signing in the forward market and electricity bidding in the electricity spot market. We propose a linear asymmetric supply function equilibrium model to develop generators' optimal bidding strategies considering a forward market equilibrium in the second stage, and show the existence and uniqueness...
Traditionally, the objective in undertaking a generation expansion planning (GEP) process has been to minimize the expected sum of yearly discounted costs (incorporate i.e., construction costs, operating costs, salvage value, etc.). Now, the objective is to apply GEP to today's competitive electricity markets in order to maximize the profits of individual GENCOs (i.e., the revenues based on market...
This paper addresses the generation expansion-planning problem describing a model that generation companies and regulators can use to get insight to this problem and to more completely study and characterize different investment decisions. The simulation model considers a number of possible generation technologies and aims at characterizing the corresponding investment plans from an economic point...
As generation firms are assumed to produce homogeneous product, the models that endeavor to describe the characteristics of power markets, use quantity setting competitions as in Cournot oligopoly models. Some others will compete over the quantity in different prices like supply function equilibrium (SFE). Growing discussions over renewable energy and advocating green energy generation by conservationists...
Critical peak pricing (CPP) is an important means of demand response in electricity markets. As a flexible tariff mechanism, making rational CPP implementation strategies and selecting suitable critical days are crucial to its successful implementation. Based on an analysis of tariff scheme and implementation process of CPP, customer response to CPP is described by a price elasticity matrix of demand,...
This paper looks at the influence of Financial Transmission Rights (FTRs) on the market value(Social Welfare; SW) in the competitive electricity market. The transmission line constraints make it difficult to compute the Nash Equilibrium (NE) due to causing a mixed strategy NE instead of a pure strategy NE. Computing a mixed strategy is more complicated in a multi-player game. The aim of this paper...
This paper evaluates the economic impact of the introduction of customer-owned thermal storage air-conditioning (TSA) systems in a deregulated electricity market from the viewpoint of the load service entity (LSE) and the whole-trade cost in the electricity market. Using market electricity demand and market clearing price (MCP) data based on the California Electricity Market 1999, our numerical results...
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