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A confluence of industry drivers including increased deployment of renewable generation, cost for managing grid peak demands, and capital investments in grid infrastructure for reliability and smart grid initiatives are creating a new interest in electric energy storage systems. This paper will review the role and value of energy storage systems to the electric grid. It will present findings from...
The ISO market design has evolved over time using traditions development, economic theory, power system operations heuristics and operational experience. Early market design made simplifying assumptions and approximations often due to the inability to solve the more detailed design. Complicating features in market design such as reactive power, unit commitment, switching of transmission assets, renewable...
Summary form only given. Power system planning and operation is designed to ensure sufficient reserve margins and the ability to adequately withstand sudden events or contingencies such as outages of transmission lines, transformers and generators. Approaches to address the planning aspects have been discussed under the topic of Resource Adequacy and continue to evolve. Approaches to address operational...
Demand Response (DR) provides mechanisms and incentives for utilities, business and residential customers to reduce energy use (and costs) during time of peak demand or when system reliability is at risk. DR is considered by CPUC, DOE and FERC as one of high-priority Smart-Grid Functionalities. FERC has developed a national action plan on demand response, recognizing that a more extensive use of demand...
Since 2004 changes in the regulatory framework of the Chilean public and electricity sectors have been taken place (19940 law in March 2004). Transparency rules must be following by the market agents in pricing procedures of the electricity market. Consequently, technical, economical, and reliability data of the Chilean power system are available for simulation and optimization purposes. The Chilean...
Capacity markets have been launched at several ISOs in the US. Many questions arise: Is a capacity market for missing money or reliability? What is a capacity product? How to price the capacity product? These questions are nontrivial and have been discussed in the literature mostly from the economics perspective. This paper attempts to address them from both economics and engineering perspectives...
Since the hourly spot market price is available one day ahead, the price could be transferred to the consumers and they may have some motivations to install an energy storage system in order to save their energy costs. This paper presents an optimal operation strategy for a battery energy storage system (BESS) in relation to the real-time electricity price in order to achieve the maximum profits of...
Negotiation of secure bilateral transactions has become an important issue for better operation, planning and management of competitive electricity markets. In this paper, secure bilateral transactions have been determined with minimum deviations in economic generation schedule and real power losses for hybrid electricity markets. The generation pattern and real and reactive power loss has been obtained...
Electricity supply industry worldwide has been identified as a major source of greenhouse gas emissions. Consequently, many countries have started to implement emission trading schemes (ETS). Separate and evolving public policy debates are shaping Electricity Market, Carbon Market, and Renewable Market without attention to how each market affects the others, yet the markets have overlapping goals...
This paper proposes a novel technique to forecast day-ahead electricity prices based on Panel Cointegration (PC). The current researches on the electricity price forecasting focus on the analysis of unstable economic time series. However, due to the difference of the allocation of power resource and consumption in different regions, the time series of electricity consumption and sales price in a single...
The EPAct 2005 expresses the Federal Government's commitment to provide supporting infrastructures for electricity demand response to all classes of customers. Most end-use residential consumers are not able to participate in such program under current price structure. They are billed monthly with a static constant rate regardless of fluctuating true costs of electricity in real-time. With the increased...
The debate on which is the best incentive for transmission expansion is still active. Discussions center on economic mechanisms based on game theory to expand transmission. There is a mix of experiences and they vary in function of the level of interaction of market agents. Identifying the agents' strategies will allow a better understanding of the market's dynamics. This article assesses regulatory...
The combination of offshore wind generation with international transmission cables is a highly discussed topic in Europe, especially for the North Sea and the Baltic Sea. The offshore wind park location Kriegers Flak in the Baltic Sea could combine offshore wind generation in the Swedish, German and Danish zones, and several design options with regard to cabling are under discussion. Choosing a certain...
In the present work, the problem of energy market price clearing and generation company (Genco) strategic bidding is considered in the framework of existing day-ahead markets with system marginal price auction. The situation of imperfect competition arising when one of the Gencos is large enough to exert market power is considered in detail, showing what bidding behaviors are to be expected when such...
The maintenance of secure system operations is a highly challenging task that becomes even more complex as electricity markets gain prominence. We use insights into the tight coupling between market and system operations under restructuring to characterize analytically the interrelationships between the secure power system operations and the performance of the electricity markets. Such a characterization...
In this paper, issues related to price forecasting in a smart grid environment are discussed. In such an environment, demand-side resources are enabled to play a bigger role in the operation of electricity markets, compared to the limited demand-side market participation in most of the existing markets. The response of the demand-side to price forecasts could impact the formation of price patterns,...
Flywheel-based energy storage is being introduced on a large scale (20 MW) for providing grid frequency regulation in deregulated markets. The ISOs have already introduced, or are in the process of introducing, market rules and tariffs to comply with FERC Order No. 890 to allow new competitive technologies to participate in the markets. Analysis of more than one year of operating data shows flywheel-based...
Grid operation under market competition forces systems closer to their instability boundaries, and operating decisions must be based on accurate online system identifications. This paper presents a new framework for online power system dynamic stability enhancement with a new rescheduling market construction. The approach is to solve the online transient and oscillatory stability constrained economic...
The California Independent System Operator (CAISO) successfully launched its new Market Redesign and Technology Upgrade (MRTU) on April 1st, 2009. The new design is based on Locational Marginal Prices (LMPs) with Day Ahead and Real Time submarkets. The energy market is supplemented with a Congestion Revenue Right (CRR) market. With the major redesign of the CAISO markets, the implementation has proved...
This paper proposes a new mechanism to give added incentive to invest in new capacities in deregulated electricity markets. An optimization problem to maximize long term social welfare includes binary variables for the building of new facilities, and continuous variables for generation, i.e. the model is a mixed integer nonlinear program. The new mechanism also includes a new approach to calculate...
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