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The emerging sharing economy has disrupted the housing and transportation sectors. The underlining business model exploits underutilized infrastructure through sharing. In this paper, we explore sharing economy opportunities in electricity sector. There are considerable obstacles to sharing electricity. First, the flow of electricity is governed by Kirchoff's Laws and we cannot prescribe a point to...
Incentive-based Demand Response (DR) is a widely used tool to reduce the demand for electricity at times when the supply is scarce and expensive. In such DR programs, participating consumers are paid for reducing their energy consumption from an established baseline. This baseline is often based on the average historical consumption of a peer group on days that are similar to the upcoming DR event...
Most electricity markets have multiple stages, which include one or more forward markets and the spot market. We consider two stages - a day-ahead market and a real-time market. We study equilibrium outcomes in such markets assuming demand to be deterministic. We show via counterexamples that in such two-stage electricity markets, (i) a Nash equilibrium may not exist, or (ii) there may be multiple...
Variability of supply is a fundamental difficulty associated with renewable resources in the electricity market. One way of mitigating this difficulty is to aggregate a diverse collection of resources in order to exploit the negative correlations that may exist among them. We consider an aggregation scheme where individual renewable energy producers offer day-ahead contracts to an aggregate manager...
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