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Bidders in day-ahead electricity markets want to sell/buy electricity when their bids generate positive surplus and not to take an action when the reverse holds. However, non-convexities in these markets cause conflicts between the actions that the bidders want to take and the actual market results. In this work, we investigate the non-convex market clearing problem of Turkish market operator and...
Residential demand response (DR) services have the great potential of growth, yet they are not adopted extensively. A comprehensive residential DR framework proposed in [2] connects utilities with DR participants via mobile apps, supports multiple DR programs, and enables fine-granulated control. In this paper, we focus on mathematical modeling and solutions for economically optimal operation for...
Generation capacity expansion models have a long tradition in the power industry. Designed as optimization problems for the regulated monopoly industry, they can be interpreted as equilibrium models in a competitive environment. While often written as deterministic problems, they can be adapted to accommodate the wide range of uncertainties that currently assail the industry. We consider a stochastic...
Management of a nation's natural resources for its economic growth can be complex and challenging, especially in developing countries. Inconsistent or uncoordinated policies may hinder the infrastructural development, resulting an unsatisfied economic outcome. The analysis in this paper is confined to the effect of domestic natural gas pricing on electricity tariff for the economic development of...
The electricity futures market is an inevitable product from the development of electricity spot market, it is advantageous to discover the real price of electric power and reduce the risk of electricity market. This paper considers optimal dynamic hedging of electricity futures using copula-GARCH models. The Student's-t, Gumbel and time-varying normal copulas are utilized to capture the dependence...
Demand Response (DR) plays an important role in shifting peak load, reducing energy consumption and so on, while Demand Response involves multi-party interests (power companies, users, etc.), so economic benefits of Demand Response and its distribution is very important for all the parties. On the basis of optimal spot pricing with Primal-dual interior point algorithm, the distribution pricing model...
In this paper, reasonable cost-sharing steps and the corresponding counting model of various types of transmission services were elaborated.On this basis, the transmission price formation mechanism was discussed. In deciding the principles of transmission cost allocation, the thinking of large scale system theory with voltage level decomposition was applied so that cost allocation model reflects the...
The abundant market participants and transactions, as well as the flexibility of the power system planning and operation make tremendous challenges to the transmission investment. According to the real-option characteristics of transmission investment, the framework of the transmission investment decision is given. Then the market-clearing midel is bulit to realize the most efficient operation of...
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...
In the current US day-ahead electricity markets, auction is complicated because of the existence of both discrete variables and continuous variables, which implies that there may be no linear prices to support equilibrium. To meet the system demand, the Independent System Operator (ISO) uses lump sum “uplift payments” to make generators follow its schedule. However, these uplift payments are opaque...
This paper presents the recent progress that the UK's power industry has made in distribution pricing. The paper highlights the rationale for distribution pricing reform - incentivising efficient use of the existing network significant growth when connecting significant efficient and renewable distributed generation (DG). This is followed by an explanation of the drawbacks with the current pricing...
In china's electricity market, the risk of price fluctuation is significant to grid corporations. A historically reality, the electricity price in market is of gathering effects and heteroscedasticity. Furthermore, the key role of grid corporations in electricity market induces that the same scope of rise and down in price have different impacts on them, which called “lever effect”. Based on exponential...
Electricity market participants are faced with unprecedented risks under deregulated environment. Power option contract is one of the most effective instruments for electricity market players to avoid trading risks. Classification methods in accordance with the characteristics of power options are summed up, and the application research status of risk management, interruptible load pricing, congestion...
The pricing mechanism in a deregulated electricity market is a key issue to achieve complete electricity market and high market efficiency. With development of electricity market, large consumers may purchase electric power from generators. In this paper, we introduce McAfee's second-price sealed auction mechanism into multi-unit electric power transaction between generators and large consumers. A...
Interruptible load contract is an effective tool to evade the risk of market price of power companies in electricity market. Based on the mechanism design theory, this paper develops an incentive interruptible load contract model for discrete customer types, which takes risk preference of power companies into account. The proposed model will lead customers to voluntarily reveal their true customer...
The energy sector currently faces challenges in carbon dioxide reduction, energy efficiency, new forms of energy production and distribution which includes energy supply by former energy consumers. E-mobility is another interesting part of the game. New driver systems, battery, billing, and smart grid technologies are setting the stage for tomorrow's Electric Ecosystem. This paper highlights on the...
The price of coal and electricity depends on various indeterminate factors, and there is a very complicated coupling relationship among them. The forecasting model becomes more complex for their strong nonlinear features that bring lots of difficulties in constructing a precise forecasting model with the traditional methods. This paper proposes a new method, on the basis of PSO and RBF neural network,...
Electricity market price may not always be a reference to determine the existence of market power. This paper discusses why electricity price in a day-ahead electricity market may exhibit peaks without representing market manipulation by any of the players. We use genetic algorithms to simulate the trading behavior of artificial agents in the spot market. Two case studies are reported and the results...
Strategic bidding problems are becoming key issues in competitive electricity markets. This paper applies bilevel optimization theory to deal with this issue. We first analyze generating company strategic bidding behaviors and build a bilevel optimization model for a day-ahead electricity market. In this bilevel optimization model, each generating company will choose their bids in order to maximize...
With electricity market reformation more deepening in China, transmission-distribution price will be regulated and distribution and retail side are detached. To regulate the price effectively and to improve the production efficiency are significant greatly. Based on the analysis of the different behaviors of government and transmission-distribution enterprises under various models of price regulation,...
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