Mechanism Design For Electricity Markets Under Uncertainty

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Mechanism Design for Electricity Markets Under Uncertainty

Author : Javad Khazaei
Publisher :
ISBN 13 :
Total Pages : 237 pages
Book Rating : 4.:/5 (81 download)

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Book Synopsis Mechanism Design for Electricity Markets Under Uncertainty by : Javad Khazaei

Download or read book Mechanism Design for Electricity Markets Under Uncertainty written by Javad Khazaei and published by . This book was released on 2012 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, we investigate the effects of the electricity market clearing mechanisms on the cost of integrating intermittent resources such as wind. We present a linear supply function equilibrium model of a conventional two settlement electricity market clearing mechanism. We then provide examples of markets for which large-scale wind integration can increase steady state cost of generation and decrease expected social welfare. These counter-intuitive examples lead us to analyse in depth mechanisms that appear to efficiently cater for uncertainty. Recently an alternative so-called stochastic settlement market has been proposed (see e.g. Pritchard et al. [80] and Bouffard et al. [30]). In such a market, the ISO co-optimizes pre-dispatch and spot in one single settlement market. By considering all possible demand realizations ahead of time, pre and spot dispatch is deemed to be scheduled more efficiently. In this thesis we consider simplified models for both stochastic settlement and conventional two settlement market clearing mechanisms. Our models are targeted towards analyzing imperfectly competitive markets. We demonstrate that the stochastic settlement market clearing mechanism can always outperform the two settlement mechanism for symmetric generators. However, we also present an example of an asymmetric market in which, contrary to intuition, the two settlement mechanism yields higher social and consumer welfare in equilibrium. Even though the stochastic settlement mechanism outperforms the two settlement mechanism most of the time, implementing such a system requires extra costs. Thus, we also present results of an empirical study to estimate the value of the stochastic settlement mechanism for New Zealand electricity market. We extend our analysis to hypothetical wind investments in the future.

Local Electricity Markets

Author : Tiago Pinto
Publisher : Academic Press
ISBN 13 : 0128226668
Total Pages : 474 pages
Book Rating : 4.1/5 (282 download)

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Book Synopsis Local Electricity Markets by : Tiago Pinto

Download or read book Local Electricity Markets written by Tiago Pinto and published by Academic Press. This book was released on 2021-07-03 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. Delineates key components shaping the design and implementation of local electricity market structure Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation

Decision Making Under Uncertainty in Electricity Markets

Author : Antonio J. Conejo
Publisher : Springer Science & Business Media
ISBN 13 : 1441974210
Total Pages : 549 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis Decision Making Under Uncertainty in Electricity Markets by : Antonio J. Conejo

Download or read book Decision Making Under Uncertainty in Electricity Markets written by Antonio J. Conejo and published by Springer Science & Business Media. This book was released on 2010-09-08 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision Making Under Uncertainty in Electricity Markets provides models and procedures to be used by electricity market agents to make informed decisions under uncertainty. These procedures rely on well established stochastic programming models, which make them efficient and robust. Particularly, these techniques allow electricity producers to derive offering strategies for the pool and contracting decisions in the futures market. Retailers use these techniques to derive selling prices to clients and energy procurement strategies through the pool, the futures market and bilateral contracting. Using the proposed models, consumers can derive the best energy procurement strategies using the available trading floors. The market operator can use the techniques proposed in this book to clear simultaneously energy and reserve markets promoting efficiency and equity. The techniques described in this book are of interest for professionals working on energy markets, and for graduate students in power engineering, applied mathematics, applied economics, and operations research.

Design and Operation of Electricity Markets: Dynamics, Uncertainty, Pricing and Competition

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (932 download)

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Book Synopsis Design and Operation of Electricity Markets: Dynamics, Uncertainty, Pricing and Competition by :

Download or read book Design and Operation of Electricity Markets: Dynamics, Uncertainty, Pricing and Competition written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fundamentals of Power System Economics

Author : Daniel S. Kirschen
Publisher : John Wiley & Sons
ISBN 13 : 1119309883
Total Pages : 344 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Fundamentals of Power System Economics by : Daniel S. Kirschen

Download or read book Fundamentals of Power System Economics written by Daniel S. Kirschen and published by John Wiley & Sons. This book was released on 2018-07-02 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new edition of the classic text explaining the fundamentals of competitive electricity marketsnow updated to reflect the evolution of these markets and the large scale deployment of generation from renewable energy sources The introduction of competition in the generation and retail of electricity has changed the ways in which power systems function. The design and operation of successful competitive electricity markets requires a sound understanding of both power systems engineering and underlying economic principles of a competitive market. This extensively revised and updated edition of the classic text on power system economics explains the basic economic principles underpinning the design, operation, and planning of modern power systems in a competitive environment. It also discusses the economics of renewable energy sources in electricity markets, the provision of incentives, and the cost of integrating renewables in the grid. Fundamentals of Power System Economics, Second Edition looks at the fundamental concepts of microeconomics, organization, and operation of electricity markets, market participants strategies, operational reliability and ancillary services, network congestion and related LMP and transmission rights, transmission investment, and generation investment. It also expands the chapter on generation investmentsdiscussing capacity mechanisms in more detail and the need for capacity markets aimed at ensuring that enough generation capacity is available when renewable energy sources are not producing due to lack of wind or sun. Retains the highly praised first editions focus and philosophy on the principles of competitive electricity markets and application of basic economics to power system operating and planning Includes an expanded chapter on power system operation that addresses the challenges stemming from the integration of renewable energy sources Addresses the need for additional flexibility and its provision by conventional generation, demand response, and energy storage Discusses the effects of the increased uncertainty on system operation Broadens its coverage of transmission investment and generation investment Supports self-study with end-of-chapter problems and instructors with solutions manual via companion website Fundamentals of Power System Economics, Second Edition is essential reading for graduate and undergraduate students, professors, practicing engineers, as well as all others who want to understand how economics and power system engineering interact.

Topics in Electricity Market Design

Author : Ruoyang Li
Publisher :
ISBN 13 :
Total Pages : 105 pages
Book Rating : 4.:/5 (919 download)

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Book Synopsis Topics in Electricity Market Design by : Ruoyang Li

Download or read book Topics in Electricity Market Design written by Ruoyang Li and published by . This book was released on 2014 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of policy objectives and emergence of new technologies continually challenge the existing wholesale electricity market design. In the framework of standard market design based on locational marginal pricing (LMP) and two-settlement electricity markets, this dissertation investigates two topics for existing and future power systems -- Convergence Bidding (CB) and distribution locational marginal pricing (DLMP). The central theme that connects these two topics is market design -- determining how to create proper incentives to compensate market participants that ensures efficiency and reliability of the power grid. We first empirically test whether the California Independent System Operator's (CAISO) existing two-settlement electricity markets are efficient, and if not, to what extent CB improves market efficiency. We examine the theoretical and empirical tools intended for other financial markets to help us understand the efficacy of CB in the forward and spot electricity markets. In the light of the efficient market hypothesis, Jensen uses the zero-profit competitive equilibrium to describe the condition for market efficiency. This definition of market efficiency directly converts the test of market efficiency into the assessment of return behavior. Following this methodology, we empirically test for market efficiency by evaluating the performance of trading strategies based on market data in the CAISO electric power markets. Our backtest results show that profitable trading opportunities continue to exist in the post-CB period, but the profitability decreases substantially. The decrease in profitability in the post-CB period indicates the improvement of market efficiency, and demonstrates the benefit of CB. The profitability in the post-CB period, however, conveys empirical implications that can be interpreted differently, depending on the level of competition and the level of risk aversion of virtual traders. We further examine the use of DLMP to improve system efficiency in future power systems. DLMP is a modified form of LMP to alleviate congestion induced by electric vehicle (EV) loads on the distribution network. The distribution system operator (DSO) determines distribution locational marginal prices (DLMPs) by solving the social welfare optimization for both the conventional household demand and the EV demand with marginal costs exogenously set to LMPs. We show mathematically that the socially optimal charging schedule can be implemented through a decentralized mechanism where retailers and EV aggregators respond autonomously to the posted DLMPs by maximizing their individual net surplus in the perfectly competitive local DSO market. We further investigate the problem of designing pricing mechanism when LMPs are uncertain. A robust DLMP method is developed for EV charging management under price uncertainty. The efficacy of the proposed use of DLMP is demonstrated by means of case studies using the Bus 4 distribution system of the Roy Billinton Test System (RBTS) and the Danish driving data.

Power Grid Operation in a Market Environment

Author : Hong Chen
Publisher : John Wiley & Sons
ISBN 13 : 1118984544
Total Pages : 284 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Power Grid Operation in a Market Environment by : Hong Chen

Download or read book Power Grid Operation in a Market Environment written by Hong Chen and published by John Wiley & Sons. This book was released on 2016-11-14 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers the latest practices, challenges and theoretical advancements in the domain of balancing economic efficiency and operation risk mitigation This book examines both system operation and market operation perspectives, focusing on the interaction between the two. It incorporates up-to-date field experiences, presents challenges, and summarizes the latest theoretic advancements to address those challenges. The book is divided into four parts. The first part deals with the fundamentals of integrated system and market operations, including market power mitigation, market efficiency evaluation, and the implications of operation practices in energy markets. The second part discusses developing technologies to strengthen the use of the grid in energy markets. System volatility and economic impact introduced by the intermittency of wind and solar generation are also addressed. The third part focuses on stochastic applications, exploring new approaches of handling uncertainty in Security Constrained Unit Commitment (SCUC) as well as the reserves needed for power system operation. The fourth part provides ongoing efforts of utilizing transmission facilities to improve market efficiency, via transmission topology control, transmission switching, transmission outage scheduling, and advanced transmission technologies. Besides the state-of-the-art review and discussion on the domain of balancing economic efficiency and operation risk mitigation, this book: Describes a new approach for mass market demand response management, and introduces new criteria to improve system performance with large scale variable generation additions Reviews mathematic models and solution methods of SCUC to help address challenges posed by increased operational uncertainties with high-penetration of renewable resources Presents a planning framework to account for the value of operational flexibility in transmission planning and to provide market mechanism for risk sharing Power Grid Operations in a Market Environment: Economic Efficiency and Risk Mitigation is a timely reference for power engineers and researchers, electricity market traders and analysts, and market designers.

Energy Markets and Responsive Grids

Author : Sean Meyn
Publisher : Springer
ISBN 13 : 1493978225
Total Pages : 516 pages
Book Rating : 4.4/5 (939 download)

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Book Synopsis Energy Markets and Responsive Grids by : Sean Meyn

Download or read book Energy Markets and Responsive Grids written by Sean Meyn and published by Springer. This book was released on 2018-06-09 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected essays by participants of the workshop Control at Large Scales: Energy Markets and Responsive Grids held at the Institute for Mathematics and its Applications, Minneapolis, Minnesota, U.S.A. from May 9-13, 2016. The workshop brought together a diverse group of experts to discuss current and future challenges in energy markets and controls, along with potential solutions. The volume includes chapters on significant challenges in the design of markets and incentives, integration of renewable energy and energy storage, risk management and resilience, and distributed and multi-scale optimization and control. Contributors include leading experts from academia and industry in power systems and markets as well as control science and engineering. This volume will be of use to experts and newcomers interested in all aspects of the challenges facing the creation of a more sustainable electricity infrastructure, in areas such as distributed and stochastic optimization and control, stability theory, economics, policy, and financial mathematics, as well as in all aspects of power system operation.

Sharing Economy in Energy Markets

Author : Jianxiao Wang
Publisher : Springer Nature
ISBN 13 : 9811676453
Total Pages : 326 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Sharing Economy in Energy Markets by : Jianxiao Wang

Download or read book Sharing Economy in Energy Markets written by Jianxiao Wang and published by Springer Nature. This book was released on 2022-03-18 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to incorporate an emerging successful business model, i.e., sharing economy, into energy markets, thus digging out the potential merits and applications in multi-energy sectors. With the core idea “access over ownership”, sharing economy enables the collaborative consumption of idle resources through advanced information and communications technology. One critical challenge is to identify different market participants’ occupation while accordingly designing pricing mechanisms. This book begins with an overview about the recent development of sharing economy in energy fields, and summarizes two energy market-related issues that sharing economy can hopefully address. One is how to quantify a marginal generator’s contribution and thereby elicit truthful bidding under information asymmetry condition. The other is how to distinguish renewable and distributed energy resources’ contribution and thus incentivize efficient aggregation considering increasing scale and uncertainty. Then sharing economy mechanisms are proposed and designed from a game theory perspective. On this basis, the following chapters thoroughly investigate the specific problems in spot markets, multi-area markets, renewable energy aggregation and energy systems integration. Additionally, the benefits brought by sharing economy are evaluated in terms of regional market bidding and transmission expansion deferral. Finally, the information and communications technologies related to sharing economy are modeled and analyzed. Hopefully, this book can greatly benefit the readers who are interested in energy economics and engineering.

Handbook on Electricity Markets

Author : Glachant, Jean-Michel
Publisher : Edward Elgar Publishing
ISBN 13 : 1788979958
Total Pages : 672 pages
Book Rating : 4.7/5 (889 download)

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Book Synopsis Handbook on Electricity Markets by : Glachant, Jean-Michel

Download or read book Handbook on Electricity Markets written by Glachant, Jean-Michel and published by Edward Elgar Publishing. This book was released on 2021-11-12 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.

The Role of Expectations for Market Design

Author : Mirjam Ambrosius
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)

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Book Synopsis The Role of Expectations for Market Design by : Mirjam Ambrosius

Download or read book The Role of Expectations for Market Design written by Mirjam Ambrosius and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Electricity Markets

Author : Darryl R. Biggar
Publisher : John Wiley & Sons
ISBN 13 : 1118775724
Total Pages : 493 pages
Book Rating : 4.1/5 (187 download)

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Book Synopsis The Economics of Electricity Markets by : Darryl R. Biggar

Download or read book The Economics of Electricity Markets written by Darryl R. Biggar and published by John Wiley & Sons. This book was released on 2014-07-10 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Energy Storage in Energy Markets

Author : Behnam Mohammadi-Ivatloo
Publisher : Academic Press
ISBN 13 : 0128203838
Total Pages : 452 pages
Book Rating : 4.1/5 (282 download)

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Book Synopsis Energy Storage in Energy Markets by : Behnam Mohammadi-Ivatloo

Download or read book Energy Storage in Energy Markets written by Behnam Mohammadi-Ivatloo and published by Academic Press. This book was released on 2021-04-30 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy Storage in Energy Markets reviews the modeling, design, analysis, optimization and impact of energy storage systems in energy markets in a way that is ideal for an audience of researchers and practitioners. The book provides deep insights on potential benefits and revenues, economic evaluation, investment challenges, risk analysis, technical requirements, and the impacts of energy storage integration. Heavily referenced and easily accessible to policymakers, developers, engineer, researchers and students alike, this comprehensive resource aims to fill the gap in the role of energy storage in pool/local energy/ancillary service markets and other multi-market commerce. Chapters elaborate on energy market fundamentals, operations, energy storage fundamentals, components, and the role and impact of storage systems on energy systems from different aspects, such as environmental, technical and economics, the role of storage devices in uncertainty handling in energy systems and their contributions in resiliency and reliability improvement. Provides integrated techno-economic analysis of energy storage systems and the energy markets Reviews impacts of electric vehicles as moving energy storage and loads on the electricity market Analyzes the role and impact of energy storage systems in the energy, ancillary, reserve and regulatory multi-market business Applies advanced methods to the economic integration of large-scale energy storage systems Develops an evaluation framework for energy market storage systems

Electricity Market Operations Under Increasing Uncertainty

Author : Farzaneh Abbaspourtorbati
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)

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Book Synopsis Electricity Market Operations Under Increasing Uncertainty by : Farzaneh Abbaspourtorbati

Download or read book Electricity Market Operations Under Increasing Uncertainty written by Farzaneh Abbaspourtorbati and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mots-clés de l'autrice: Electricity Markets ; Multi-Stage Stochastic Programming ; Uncertainty Management ; Decision Making ; Pricing Schemes ; Flexible Demands ; Reserve Markets ; Cost Recovery of Producers ; Renewable Production ; Intra-Day Markets.

Essays in Electricity Economics

Author : Brittany L. Tarufelli
Publisher :
ISBN 13 : 9781085602976
Total Pages : 188 pages
Book Rating : 4.6/5 (29 download)

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Book Synopsis Essays in Electricity Economics by : Brittany L. Tarufelli

Download or read book Essays in Electricity Economics written by Brittany L. Tarufelli and published by . This book was released on 2019 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goods markets are designed and regulated at a sub-global level. Although it’s typical to assume one set of market clearing rules across regulated and unregulated regions, trade occurs across a patchwork of sub-global market designs. Not accounting for this heterogeneity in market design can lead to unanticipated outcomes from sub-global regulations, as correcting for one market failure–such as a negative externality from carbon emissions–can lead to another market failure from the market design itself when trade occurs across differing market designs. The anatomy of this second-best problem is considered in the context of U.S. electricity markets, as market clearing mechanisms vary by region, and they imperfectly overlap with state-level climate policies such as carbon prices and renewables subsidies. In Chapter I, I present a review of the theoretical and empirical literature on electricity market design and its interaction with regional climate policies. In the wholesale electricity sector, market design drives both the extent of the forward contract market and the competitiveness of the spot market, which can induce strategic behavior and affect both market and regional climate policy outcomes. Assessing climate policy outcomes under only the assumption of a centralized market design, as is customary in the literature, belies the complexity of electricity market design, which varies regionally. As there is currently an agenda to link regional electricity markets, there is also a need to study how strategic behavior across differing market designs affects emissions when regional climate policies are imposed. In Chapter II, I develop a two-stage model of oligopolistic electricity production to determine if strategic behavior in forward contract and spot markets across differing electricity market designs increases or decreases emissions leakage from regional climate policies. I find that under uncertainty from demand and renewable resource shocks, centralized market designs generally reduce market power through arbitraging away price risk between forward and spot markets. However, under an asymmetric carbon cap and trade program, resulting emissions leakage is decreased by bilateral markets, which act as a structural backstop to emissions leakage. Emissions leakage increases when bilateral markets trade with, or are integrated with centralized markets, potentially reducing the efficacy of regional climate policies. In Chapter III, I study the interaction between sub-global climate policy and sub-global design of goods markets using an example of market expansion from wholesale electricity markets–the Western Energy Imbalance Market (EIM) in California. Using a difference-in-differences and triple-differences framework with matching to account for self-selection, I investigate how the EIM affects emissions leakage from California’s carbon cap and trade program. I find that the EIM caused a modest increase in emissions leakage into participating regions outside California, despite the relatively small trading volumes. The results have implications for ongoing efforts to expand competitive wholesale electricity markets across regions with differing climate policies. The results of this dissertation are informative for sub-global climate policy when trade in goods markets occurs across regions with different market clearing rules. Specifically, reduced transactions costs in trade between regulated and unregulated regions may tend to exacerbate emissions leakage. These results are informative in the context of continuing changes in wholesale electricity markets, including potential market expansions and continued integration of regional electricity markets across the U.S. and the European Union.

Integrating Renewables in Electricity Markets

Author : Juan M. Morales
Publisher : Springer Science & Business Media
ISBN 13 : 1461494117
Total Pages : 434 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Integrating Renewables in Electricity Markets by : Juan M. Morales

Download or read book Integrating Renewables in Electricity Markets written by Juan M. Morales and published by Springer Science & Business Media. This book was released on 2013-12-03 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This addition to the ISOR series addresses the analytics of the operations of electric energy systems with increasing penetration of stochastic renewable production facilities, such as wind- and solar-based generation units. As stochastic renewable production units become ubiquitous throughout electric energy systems, an increasing level of flexible backup provided by non-stochastic units and other system agents is needed if supply security and quality are to be maintained. Within the context above, this book provides up-to-date analytical tools to address challenging operational problems such as: • The modeling and forecasting of stochastic renewable power production. • The characterization of the impact of renewable production on market outcomes. • The clearing of electricity markets with high penetration of stochastic renewable units. • The development of mechanisms to counteract the variability and unpredictability of stochastic renewable units so that supply security is not at risk. • The trading of the electric energy produced by stochastic renewable producers. • The association of a number of electricity production facilities, stochastic and others, to increase their competitive edge in the electricity market. • The development of procedures to enable demand response and to facilitate the integration of stochastic renewable units. This book is written in a modular and tutorial manner and includes many illustrative examples to facilitate its comprehension. It is intended for advanced undergraduate and graduate students in the fields of electric energy systems, applied mathematics and economics. Practitioners in the electric energy sector will benefit as well from the concepts and techniques explained in this book.

Spot Pricing of Electricity

Author : Fred C. Schweppe
Publisher : Springer Science & Business Media
ISBN 13 : 1461316839
Total Pages : 362 pages
Book Rating : 4.4/5 (613 download)

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Book Synopsis Spot Pricing of Electricity by : Fred C. Schweppe

Download or read book Spot Pricing of Electricity written by Fred C. Schweppe and published by Springer Science & Business Media. This book was released on 2013-03-07 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a need for fundamental changes in the ways society views electric energy. Electric energy must be treated as a commodity which can be bought, sold, and traded, taking into account its time-and space-varying values and costs. This book presents a complete framework for the establishment of such an energy marketplace. The framework is based on the use of spot prices. In general terms: o An hourly spot price (in dollars per kilowatt hour) reflects the operating and capital costs of generating, transmitting and distributing electric energy. It varies each hour and from place to place. o The spot price based energy marketplace involves a variety of utility-customer transactions (ranging from hourly varying prices to long-term, multiple-year contracts), all of which are based in a consistent manner on hourly spot prices. These transactions may include customers selling to, as well as buying from, the utility. The basic theory and practical implementation issues associated with a spot price based energy marketplace have been developed and discussed through a number of different reports, theses, and papers. Each addresses only a part of the total picture, and often with a somewhat different notation and terminology (which has evolved in parallel with our growing experience). This book was xvii xviii Preface written to serve as a single, integrated sourcebook on the theory and imple mentation of a spot price based energy marketplace.