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This paper proposes a stochastic optimization model for optimal bidding strategies of electric vehicle (EV) aggregators in day-ahead energy and ancillary services markets with variable wind energy. The forecast errors of EV fleet characteristics, hourly loads, and wind energy as well as random outages of generating units and transmission lines are considered as potential uncertainties, which are represented...
As the number of combined-cycle units increases, efficient modeling approaches for these units play important roles for independent system operators (ISOs). Based on various combinations of combustion turbines (CTs) and steam turbines (STs), the combined-cycle unit could work at different configurations (modes) with different efficiencies. In this paper, we propose an edge-based formulation for the...
Uniform marginal pricing cannot generally support competitive equilibrium solutions in markets with non-convexities, yielding surplus sub-optimality effects. Previous work has identified non-convexities associated with the generation side of electricity markets and proposed different approaches to address surplus sub-optimality. This paper extends this concept to incorporate the demand side. Non-convexities...
This paper proposed a hierarchical structure for the electricity market to facilitate the coordination of energy markets in distribution and transmission networks. The proposed market structure enables the integration of microgrids, which provide energy and ancillary services in distribution networks. In the proposed hierarchical structure, microgrids participate in the energy market at the distribution...
Energy Storage Systems (ESS) are expected to provide additional flexibility to managed variable power flows in future power systems. It is believed that the business case for ESS as an alternative to traditional network reinforcements can be improved if the assets are able to access additional revenue streams by participating in energy and ancillary services markets. To enable this, the storage may...
We present a computationally efficient mixed-integer program (MIP) that determines optimal generator expansion decisions, as well as periodic unit commitment and dispatch. The model is applied to analyze the impact of increasing wind power capacity on the optimal generation mix and the profitability of thermal generators. In a case study, we find that increasing wind penetration reduces energy prices...
In liberalized electricity markets, it is essential and of great importance to develop a fair transmission cost allocation scheme that is able to reflect the “extent of use” of the transmission facilities as much as possible. In this paper, the transmission capacity is divided into four components: capacity used in normal conditions (CN), capacity reserved for contingencies (CC), capacity reserved...
This two-part study first proposes the Generalized DC (GDC) power flow formulation which makes critical enhancements to the DC model by addressing its model limitations, with abilities to approximate bus voltage magnitudes and model networks with high resistance to reactance (R/X) ratio. Then, the GDC is applied to the current RTO electricity market clearing algorithms to model bus voltage security...
In this paper, an extended-L (EL) index is considered as a voltage stability constraint in optimal power flow (OPF) which guarantees adequate voltage stability margin (VSM) for an electricity market solution. The EL-index uses a generator equivalent model (GEM) that has significant effect on voltage stability studies. Two important objective functions which are maximization of the social welfare and...
The goal of this paper is to present the efficiency and performance of a new ternary energy storage model in the competitive electricity market. Using the state-of-the-art mixed-integer progamming technique, the new energy storage model can be explicitly cast as ternary states: (−1) PUMP, (0) OFF, and (1) GEN to represent the physical energy storage constraints and desired operating parameters in...
This paper proposes an oligopolistic model for a wind power producer (WPP) with a market power to compete with other Gencos and take part in day-ahead, intraday and balancing markets. In order to model the mentioned oligopoly markets from WPP's viewpoint, a bi-level optimization framework is proposed based on multi-agent system and incomplete information game theory. In this context, the WPP participates...
This paper investigates the fundamental issue of revenue adequacy in wholesale day-ahead electricity markets with the presence of standalone demand response providers (DRPs). In recent years, with the increasing need for flexibility to provide sustainable electricity services, standalone DRPs have emerged as a new form of market participants. Such providers serve as intermediate between ISOs and end-users,...
Robust Security-Constrained Unit Commitment (RSCUC) becomes one of the successful approaches to handling high penetration level of renewables (RES) in the electricity market. However, RSCUC can only be applied in Reliability Assessment Commitment (RAC) without corresponding energy and reserve price signals in the Day-ahead Market (DAM). In this paper, the locational marginal prices for energy and...
We present a single time-period decentralized market clearing model based on the DC power flow model. The electricity market we study consists of a set of Generation Companies (GenCos) and a set of Distribution System Operators (DSOs). We model the DSOs as a single node having deferrable loads. The Independent System Operator (ISO) determines the market clearing generation and demand levels by coordinating...
Compared to electric energy prices, reserve prices present different characteristics including lower price level, higher variability, and more frequent and extreme spikes. While the modeling of electric energy prices have been broadly studied in the literature, such research on ancillary services prices is limited. This paper investigates the application of established stochastic approaches for modeling...
Locational marginal price (LMP) is a market-pricing method used to determine optimal dispatch of interconnected power systems. In order to take system's operating risk into consideration, a modified risk-based LMP (RLMP) calculation method is given in this paper. We design a risk-based decentralized synergetic dispatch pattern in electricity market environment to avoid the drawbacks of centralized...
The variable generation from renewable energy sources makes them challenging to be integrated into electricity markets. Virtual power plant (VPP) is proposed to integrate various distributed energy resources (DERs) so as to participate into the electricity market as a single entity. In this paper, we investigate a VPP consisting of several thermal generation units and renewable generation units. An...
This paper investigates the effects of Demand Response Programs (DRPs) on the behavior of electricity market players in the day-ahead energy market. To this end, an electricity market environment is proposed based on the multi-agent systems in order to model the strategic self-scheduling of each market player as an individual agent. In such oligopolistic environment, market interactions are considered...
The Central American regional power system (SER) connects the member countries of the regional electricity market (MER): Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama. The SER was a result of a long-term regional effort, and was initially conceived to transfer 300 MW between countries. However, the current transfer limits between countries range from 70 MW to 300 MW. Regional...
The paper presents an optimization model for the deregulation of a vertically integrated electricity market. The model considers an ex ante setup. Cost-Benefit Analysis is implemented to assess the worthiness of market deregulation by calculating the change in global welfare. The model is demonstrated on the Saudi electricity market.
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