A study of electricity market design for systems with high wind power penetration

Scharff, Richard; Amelin, Mikael

doi:10.1109/eem.2011.5953084

Cited by 9 publications

(3 citation statements)

References 28 publications

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“…A thorough overview of modern electricity market-design in the United States and across the European Union can be found in the surveys of Bushnell et al [10] and Scharff and Amelin [11], respectively. The open market has a myriad of challenges to be address.…”

Section: Related Workmentioning

confidence: 99%

Ornstein-Uhlenbeck-Lévy Electricity Portfolios with Wind Energy Contracting

Longoria

Davy

Shi

2018

Technol Econ Smart Grids Sustain Energy

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To leverage the potential of integrating renewable sources into electricity portfolios the risk and cost trade-off of intermittency needs to be assessed. From the perspective of a Load Serving Entity (LSE), this work present the theoretical implications of energy allocation from two type of markets: bilateral long-term contracts and real-time trading. The purchasing of energy on both markets and from two different sources: wind energy and conventional generation is formulated with a stochastic procurement model (SPM). The unexpected jumps of spot market prices are modeled with a mean-reverting Lévy process. The wind energy availability is modeled with multiplicative Brownian motion transformed to a Rayleigh probability density function. The risk assessment is defined by the efficient frontier and a user defined risk level. The SPM is tested numerically. The contracted share of wind power is found to range between 8% and 16%. Moreover, the analysis shows the convergence of SPM to an optimal portfolio irrespectively of the wind farm autocorrelation decay rate.

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Section: Related Workmentioning

confidence: 99%

Ornstein-Uhlenbeck-Lévy Electricity Portfolios with Wind Energy Contracting

Longoria

Davy

Shi

2018

Technol Econ Smart Grids Sustain Energy

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“…The first phase of electricity market design literature dealt mainly with issues brought up through the liberalization of power markets. Reference [1] summarizes the current setup of major electricty market-designs in Europe. The common property of the spot market designs is the clear separation between day-ahead, intraday and balancing markets.…”

Section: Introductionmentioning

confidence: 99%

Evaluating market designs in power systems with high wind penetration

Häring

Andersson

Lygeros

2012

2012 9th International Conference on the European Energy Market

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In this paper we assess the incidence of strategic behavior of demand and supply units in market set ups which should enable the efficient in-feed of renewable energy sources. Therefore, a sequence of energy and reserve power auctions is modeled in an agent-based framework in order to approximately come up with the drawbacks of the different market designs. The main focus lies on the reserve power market. The generation companies as well as representative consumers are facilitated with Q-learning in order to exploit market flaws. The representative network includes a renewable in-feed, which is characterized by low marginal generation costs. In terms of congestion management, we assume in a first step uniform marginal pricing, in a second step nodal pricing for the energy power auction.Index Terms-Electricity Market, market design, renewable energy in-feed, demand side participation, multi-agent system.

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“…The forecast error of RES may be traded together with other imbalances like unplanned power plant outages and the load forecast error in the intraday market. Scharff and Amelin (2011) notice that the intraday market enhances system security by relieving the balancing mechanism.…”

Section: Introductionmentioning

confidence: 99%

An Empirical Analysis of Liquidity and Its Determinants in the German Intraday Market for Electricity

Hagemann

2013

SSRN Journal

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A study of electricity market design for systems with high wind power penetration

Cited by 9 publications

References 28 publications

Ornstein-Uhlenbeck-Lévy Electricity Portfolios with Wind Energy Contracting

Ornstein-Uhlenbeck-Lévy Electricity Portfolios with Wind Energy Contracting

Evaluating market designs in power systems with high wind penetration

An Empirical Analysis of Liquidity and Its Determinants in the German Intraday Market for Electricity

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