A Unit Commitment and Economic Dispatch Model of the Gb Electricity Market – Formulation and Application to Hydro Pumped Storage

Chyong, CK; Newbery, David

doi:10.2139/ssrn.4149547

Cited by 3 publications

(4 citation statements)

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“…The short-run impacts are studied econometrically over a period of varying fuel and CPS prices and varying plant mix and wind capacity, providing statistically highly significant estimates of the short-run impact of wind. We use an hourly unit commitment dispatch model of British electricity (described in Chyong et al, 2019) to compute the long-run impact of the CPS. Wind capacity is increased by 25%, leaving the plant mix and fuel prices constant, and varying the level of the CPS.…”

Section: The British Carbon Price Floormentioning

confidence: 99%

“…We use our simple hourly unit commitment model of the 2015 GB power system (Chyong et al, 2019) to examine the impacts of varying wind capacity on fuel mix and hence CO 2 emissions, for three carbon prices and two levels of wind capacity. In contrast to Ofgem (2018), we do not model plant entry and exit, although the plant we simulate in 2015 is the plant listed as then present and consistent with our central carbon price (Ofgem 2018, Figure A3, p.9).…”

Section: Modelling the Long-run Carbon Savings From Windmentioning

confidence: 99%

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The Impact of a Carbon Tax on the CO2 Emissions Reduction of Wind

Chyong¹,

Guo²,

Newbery³

2020

The Energy Journal

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Energy policy aims to reduce emissions at least long-run cost while ensuring reliability. Its efficacy depends on the cost of emissions reduced. Britain introduced an additional carbon tax (the Carbon Price Support, CPS) for fuels used to generate electricity that by 2015 added £18/t CO2, dramatically reducing the coal share from 41% in 2013 to 6% in 2018. Policies have both short and long-run impacts. Both need to be estimated to measure carbon savings. The paper shows how to measure the Marginal Displacement Factor (MDF, tonnes CO2 /MWh) for wind. The short-run MDF is estimated econometrically while the long-run MDF is calculated from a unit commitment model of the GB system in 2015. We examine counter-factual fuel and carbon price scenarios. The CPS lowered the short-run SR-MDF by 7% in 2015 but raised the long-run LR-MDF (for a 25% increase in wind capacity) by 18%. We discuss reasons for the modest differences in the SR and LR MDFs. The CPS raised the 2016 wholesale price by £6.22/MWh with impacts on interconnector trade. Cambridge Working Papers in Economics Faculty of Economics www.eprg.group.cam.ac.uk The impact of a Carbon Tax on the CO 2 emissions reduction of wind EPRG Working Paper 1904

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Section: The British Carbon Price Floormentioning

confidence: 99%

Section: Modelling the Long-run Carbon Savings From Windmentioning

confidence: 99%

The Impact of a Carbon Tax on the CO2 Emissions Reduction of Wind

Chyong¹,

Guo²,

Newbery³

2020

The Energy Journal

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“…When PSH participates in the electricity spot market optimization in full dispatch mode, the following changes occur in the clearing process of the electricity spot market [4,6,9,10] .…”

Section: Market Clearing Processmentioning

confidence: 99%

Optimization Model of Electricity Spot Market Considering Pumped Storage in China

Wang

Wei

Heng³

et al. 2022

J. Phys.: Conf. Ser.

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As China’s electricity market continues to evolve, pumped hydro storage will participate in electricity spot market transactions. According to the latest price policy of pumped storage, pumped storage units will not participate in the spot market bidding for a long time and will be settled at the spot price. Aiming at maximizing the welfare of the whole society, this paper proposes a full dispatch model for pumped storage units to participate in China’s electricity spot market under the new power system. By transforming the day-ahead spot market clearing results into the boundary conditions of the real-time spot market, the model proposed in this paper realizes the fine adjustment of pumped storage units’ operation curve in the real-time market and further improves social welfare.

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“…The charging efficiency of the storage system is 75% for the modelling [73] . According to the energy capacity and power of operational pumped hydro storage stations in 2016 [74] , the maximum storage power of the storage system is assumed to be one-tenth of the energy storage capacity. Inspection of the output of CCGT generation in 2018 reveals that the variation of the CCGT output between two consecutive times is always less than 15%.…”

Section: Determining Mefsmentioning

confidence: 99%