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Asymmetric information in the electricity market creates incentive for customer aggregators (ESCOs, EMCOs, LSEs, etc.) to bid strategically as new information arrives. Such companies are pooling demand to provide enhanced services to customers. Since such demand pooling companies are not defined generically, all types of demand pooling companies will be termed demand serving company (DSC) to not confuse...
Before deregulation, th Korea Electric Power Corporation (KEPCO) had been a vertically integrated monopoly over power generation, transmission, and distribution. However, the generation competition market based on Cost based pool (CBP) began in April, 2001. The KEPCO generation department has been allocated into six independent GenCos. Before the reform of the power industry that took place in South...
Ensuring system reliability and security while operating electricity markets is the primary responsibility of independent system operators. Maintaining system security in real-time is a significant challenge due to limited time frame permitted for analyzing and responding to security issues. This paper focuses on the applications designed to address static security in the real-time operations of ERCOT...
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...
This paper discusses a novel approach for analysis of large scale real time grid operation performance. The PJM Interconnection energy market is one of the largest centralized markets in the world. Recently PJM deployed a newly developed application called “Perfect Dispatch” designed to provide a baseline measure of grid operational performance using retroactive real time market simulation and analysis...
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...
This paper presents the implementation of distributed energy resource management in smart grid operation. The approach utilizes the advantages of using multi agent systems for profitable operation of a smart grid in the energy market. The trading strategy adopted for the continuous double auction is a profit-maximizing adaptive bidding strategy based on risk and competitive equilibrium price prediction...
In this paper we propose a direct coupling of renewable generation with deferrable demand in order to mitigate the unpredictable and non-controllable fluctuation of renewable power supply. We cast our problem in the form of a stochastic dynamic program and we characterize the value function of the problem in order to develop efficient solution methods. We develop and compare two algorithms for optimally...
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...
Electric power generation is the second-largest category of greenhouse gas emissions in California, next to transportation. California's administration, legislature, and energy regulators have adopted aggressive targets for renewable energy due to heavy reliance on natural gas as a fuel for electric generation, which will result in profound changes in markets and system operations. The growth of renewable...
In this paper the effect of demand response (DR) resource utilization in the system operation is analyzed by using an optimization based simultaneous market clearing framework. Two distinct utilization patterns that DR can be involved are reserve supplying by Reserve Supplying Demand Response (RSDR) and providing actual curtailment for demand reduction or peak clipping by Peak Clipping Demand Response...
This paper describes the implementation of demand response (DR) program in CAISO. A Participating Load Pilot (PLP) program has been implemented in CAISO system during summer 2009. This is the first time that a cross-section of residential, commercial and industrial customers has been in the PL (Participating Load) program and modeled in CAISO systems. This paper takes this Participating Load Pilot...
In the Nordic market, manually activated tertiary control based on bids for upward and downward regulation is used for system balancing. Although a system wide merit order list is used, the resulting regulation is suboptimal because of the congestion and the effect of losses, which are not taken into account. This paper proposes an algorithm for the dispatch of regulation resources based on an incremental...
Summary form only given: The need for a market based approach for reactive power procurement has been recognized by FERC. Due to the localized characteristic of reactive power, regulatory mechanisms are necessary to mitigate the possibility of holding market power by generators. The regulator is responsible for devising the regulatory mechanisms that provide incentives to generators to supply reactive...
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...
Under standard approach, locational marginal prices (LMPs) are generally decomposed into system marginal (energy) price (SMP), marginal congestion cost (MCC), and marginal loss cost (MLC). However, earlier work has shown that it is not possible to separate the standard decompositions of LMPs into three mutually orthogonal subspaces. It is also found that MLC term of standard LMP inherently depends...
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...
Due to growing competition in the electricity market, the drive for efficient, stable and secure grid operation makes voltage control in the transmission grid relevant. A solution that has potential is to increase the effectiveness of the ancillary service by automatic fast control. The paper describes a Wide Area Voltage Regulation (V-WAR) that fits this framework. V-WAR is based on Secondary and...
This paper discusses investment strategies in a microgrid system consisting of cogeneration system and renewable power generation under uncertainty in the natural gas price. Although incentives for introducing distributed energy system increase these days, volatile natural gas prices make its investment in gas fuel distributed generation systems risky. Therefore, it is important to evaluate the risk...
This paper reviews the design and operation of a number of large, regional organized markets in the US, as well as the operation of stand-alone single balancing area bilateral markets, from the viewpoint of integrating large amounts of variable output renewable energy sources. Significant differences between the two types of markets are noted. In addition, a series of shortcomings of the first generation...
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