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Deregulation has brought significant challenges to risk management strategies in electricity markets. High volatilities in fuel prices, the spikes in electricity prices, and varying operational characteristics expose the power generation utilities to high financial risks. The focuses of this paper are to identify the risks, classify and characterize the diverse approaches, locate the gaps and provide...
Nowadays, the power production and transmission are substantial elements for the society, and will probably play a more important role in the future, but are also associated with various negative effects, which impose additional costs, the so called external costs. As long as these are not included in the electricity prices, market failures most often arise. In order to define expansion projects,...
A nonlinear model, called TOOCS-off,1 has been developed in this paper for optimal operation of combined heating, cooling, and power systems. The system includes combined heating power (CHP) module, auxiliary boiler, absorption chiller, heat storage unit, utility grid and electrical, thermal, and cooling loads. In fact, by solving this offline model, we will determine t optimal energy flow regarding...
In this paper, an agent-based modeling and simulation (ABMS) approach is used to model the German wholesale electricity market. The spot market prices in the European Energy Exchange (EEX) are studied as the wholesale market prices. Each participant in the market is modeled as an individual rationality-bounded agent whose objective is to maximize its own profit. By simulating the market clearing process,...
This paper describes a reduced model of the Alberta electric system developed to provide a platform for studying how variations in the market structure may impact system operation, electricity prices and long-term reliability of supply. As well, the model described in this paper provides a suitable platform for studying the potential impacts of large scale integration of wind generation on transmission...
The volatility of wind power can cause large problems for power systems operation. To remedy the disadvantages of wind power generation different storage technologies can be applied. In this paper technical and economical analysis of possible wind energy storages has been made. According to technical parameters the applicable technologies have been selected. Afterwards, for selected storages economical...
A large share of integrated wind power causes technical and financial impacts on the operation of the existing electricity system due to the fluctuating behaviour and unpredictability of wind power. The presented stochastic electricity market model optimises the unit commitment considering four kinds of electricity markets (e.g. a spot and balancing market) and taking into account the stochastic behaviour...
To improve the operation benefit and power output characteristics of a wind farm, and fully use the wind energy resources, the way using wind-hydro hybrid system can be adopted where there are some water resources to enhance the power quality and operation benefit of wind park. Considering the difference of peak and valley electricity prices in the electricity market, this paper rationally use the...
This paper presents a methodology for the development of generation strategies of hydropower plant in a competitive electricity market. Initially, the problem is constructing as a two level optimization problem by time scales, where at upper level use the Markov decision in the sequential strategy to establish the sequential model of hydropower generation strategy. At the lower level, an optimal generation...
A unit commitment problem has long been known in the class of short-term functions and decisions, inherited from vertically integrated utility. In the competitive environment, the problem has become more complicated due to the fact that any action taken will now influence profitability of decision maker such as generation companies, load serving entities, and so forth. Thus, not only do economic agents...
This paper presents an improved both profit and cost based maintenance scheduling approach by using reactive tabu search (RTS) in competitive environment. In competitive power markets, electricity prices are determined by balance between demand and supply in electric power exchanges or bilateral contracts. So it is essential for system operation planners and market participants to take the volatility...
A new methodology is proposed for the analysis of generation capacity investment in a deregulated market environment. This methodology proposes to make the investment appraisal using a probabilistic framework. The probabilistic production simulation (PPC) algorithm is used to compute the expected energy generated, taking into account system load variations and plant forced outage rates, while the...
Electricity prices exhibit highly volatile characteristics in many operating electricity spot markets around the globe, and hence different arrangements of maintenance scheduling of generating units for the generation companies concerned will have different financial impacts. In making the maintenance scheduling decision, the information or data utilized or based especially the electricity prices...
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