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This paper combines two previous techniques, reference independent LMP decomposition and fictitious nodal demand (FND), to achieve an improved LMP model. The combined model distributes system losses in each individual line such that there is no mismatch in every bus. Also, the reference independent LMP decomposition is still preserved..
Demand side management has been one of the effective means of load shifting and peak-load shaving. In a system with distributed generations and distributed renewable energy sources, demand response can significantly improve the efficiency of electricity usage and energy saving. With the development of advance metering infrastructure, and information and communication technologies, demand side management...
Pricing for the use of the networks is essential in the way that it should be able to reflect the costs/benefits imposed on a network when connecting a new generator or demand and to provide forward-looking message to influence the site and size of future network customers. Studies have been extensively carried out over the years to achieve this pricing goal. Few methodologies that can directly link...
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,...
This panel presentation is based on paper “J. M. Morales, A. J. Conejo, J. Pérez-Ruiz, Short-Term Trading for a Wind Power Producer. IEEE Transactions on Power Systems, in press, 2010.” It presents a technique to derive the best offering strategy for a wind power producer in an electricity market that includes several trading floors. Uncertainty pertaining to wind availability, market prices at the...
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.
In current deregulated power markets, prices are determined in the economic dispatch problem with fixed unit commitment decisions. Start-up and no-load costs are not included in the prices and significant uplift payments have to be paid to generators. The convex hull pricing model was developed to include the fixed costs in setting prices by solving the dual of the unit commitment and economic dispatch...
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...
In this paper, we define the portfolio of a generation company as the coordination of a set of generation units, which differ in production cost, capacity, and geographical location. A portfolio allows a generation company to coordinate its generators to bid strategically to earn profit more than what can be achieved without coordination. In a constrained transmission network, for example, a generation...
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...
Transmission access pricing is a key issue of restructuring and deregulation. Transmission pricing must be non-discriminatory, transparent, economically efficient, and allow full recovery of costs. In the case of electricity transmission system, economic efficiency implies promoting an optimal utilization of existing network, efficient siting of new generations and loads and promoting transmission...
Short-term prediction of system variables with respect to load levels is highly important for market operations and demand response programs in wholesale power markets with congestion managed by locational marginal prices (LMPs). Previous studies have conducted local sensitivity analyses for LMPs at specific system operating points. This study undertakes a more global analysis of system variable sensitivities...
The paper proposes voltage quality service, and makes comprehensive evaluation to sag energy indices to arrive at a quantitative description, then makes differential pricing of voltage quality service combined with market-oriented theory. It puts forward zonal pricing model of voltage quality service based on sag energy indices, as the foundation of comprehensive assessment of power quality and price...
Electricity markets are currently evolving to accommodate large scale penetration of wind generation. In this research, potential changes to the classification and role of wind generators in the Single Electricity Market (SEM), the market for Northern Ireland and the Republic of Ireland, are examined. The effect of wind generators opting to become price-making and the potential for wind generators...
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