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This paper poses the problem of modeling price responsive demand as one of identifying the transfer function between the price and power consumption. This is motivated by the team's earlier work of econometric estimation of the self- and cross-elasticity of demand response. It is discovered that electricity consumption has several unique features that may render the traditional approach ineffective...
In electricity markets, credit collateral requirements for participants have traditionally been set based on historical price data that may not properly reflect future risks. A new predictive approach to determining credit risk is proposed in this paper. For any market that prices reserves in the real-time market, correlation exists between available reserve levels and real-time energy prices. This...
The increasing penetration of stochastic photovoltaic (PV) generation in electric power systems poses significant challenges to system operators. To ensure reliable operation of power systems, accurate forecasting of PV power production is essential. In this paper, we propose a novel multitime-scale data-driven forecast model to improve the accuracy of short-term PV power production. This model leverages...
To support large-scale integration of wind power into electric energy systems, state-of-the-art wind speed forecasting methods should be able to provide accurate and adequate information to enable efficient, reliable, and cost-effective scheduling of wind power. Here, we incorporate space-time wind forecasts into electric power system scheduling. First, we propose a modified regime-switching, space-time...
In this paper, cross-correlation study between wind generation and load in Texas has been conducted. Through comparison between onshore and potential offshore wind farm sites, offshore wind farm proved to have slightly higher correlation with load than onshore wind farm. The results also show significant seasonal changes, which could be of importance in making operational and planning decisions.
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