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In the smart grid environment, appropriate power energy exchange strategies will be necessary for energy intensive industries (EIIs) with industrial power plants. This paper presents a systematic approach that can cope with the integration of industry consumers and an energy exchange strategy aiming at achieving balance between power production and consumption in EIIs. A basic balance model using...
As one of the most important parts in power system, electricity price forecasting has been a crucial factor for the generation companies' (Genco) bidding strategies, through which Gencos can maximize their potential benefits. However, high income is always coupled with high risk, as electricity volatility, demand uncertainty, and bidding strategies of rivals. In this paper, a bidding strategy based...
Security-constrained generation scheduling (SCGS) is an indispensable tool for independent system operators (ISOs) to plan a secure and economical hourly generation schedule in the daily/weekly ahead markets. Power outputs of thermal units are usually formulated as step functions in almost all literature on SCGS, i.e., the generation level schedule is taken as an energy delivery schedule. The ramp-rate...
Commonly used power market simulation systems can only simulate the small-scale market with a simple result and do not consider the market participators as those who have the adaptive learning mechanism. By modeling the market participators as Agents, we approached a MAS-based distributed simulation system on JADE platform, which has the ability to simulate complex, large-scale markets with different...
With the process of electricity market-oriented, taking advantage of the capability of electricity generation of autonomous power plant, large-scale power consuming corporation can decrease electricity expenses and boost competence of the corporation. However, forecasting accuracy of load is low due to private characteristics of large-scale power consuming corporation, it is difficult to satisfy the...
One of the most important issues in electric power market design is to create an appropriate auction mechanism. And one of the most common failures of power market is lack of demand side response to high market price. This paper discusses the bid cost minimization auction mechanism and social welfare maximization auction mechanism in pool market with demand elasticity. A social welfare maximization...
<para> One of the most important daily decisions that a Genco has to make is to allocate generation assets between the forward and spot markets. That is, how much capacity should be contracted in the forward market and how much should be kept to bid in spot market? This paper focuses on generation asset allocation between monthly forward contracts, such as bilateral contracts, futures contracts,...
One of the most important issues in electric power market design is to create an appropriate auction mechanism. A well-designed auction mechanism should find a reasonable balance between market efficiency and equity. This paper discusses the relationship between supplier bid cost minimization and market efficiency and that between consumer payment minimization and market equity. A balanced auction...
One of the most important decisions that a Genco has to make is to determine generation portfolio management of the spot and futures market. That is, how much capacity should be put into the futures market and how much should be kept to bid in the spot market. This paper focuses on the generation portfolio management between monthly futures market and daily spot market. It deals with the problems...
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