Collusion-proof mechanisms for multi-unit procurement

Hagen, Martin

doi:10.1016/j.geb.2023.01.002

Cited by 2 publications

(1 citation statement)

References 57 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The power generation side allocates a portion of the profits of the power generation companies, while the user side collects additional fees based on node collection methods to achieve system revenue and expenditure balance. In addition, some scholars have studied the issue of collusion-proof in VCG mechanisms and have made certain research progress [20][21][22][23].…”

Section: Related Workmentioning

confidence: 99%

Design of a Stochastic Electricity Market Mechanism with a High Proportion of Renewable Energy

Liu,

Chen,

Fan

et al. 2024

Energies

View full text Add to dashboard Cite

Renewable energy, such as wind power and photovoltaic power, has uncertain and intermittent characteristics and zero marginal cost characteristics. The traditional power market mechanism is difficult to adapt to the new power system with a high proportion of renewable energy, and the original market system needs to be reformed. This paper discusses the application of a VCG auction mechanism in the electricity market, proposes a two-stage VCG market-clearing model based on the VCG mechanism, including the day-ahead market and the real-time market, and discusses the nature of the VCG mechanism. In order to address the discrepancy between the actual output of stochastic generator sets in the real-time market and their pre-scheduled output in the day-ahead market due to prediction deviations, a method for calculating punitive costs is proposed. A reallocation method based on market entities’ contributing factors to budget imbalance is proposed to address the issue of budget imbalance under the VCG mechanism, in order to achieve revenue and expenditure balance. Through an example, the incentive compatibility characteristics of the VCG mechanism are verified, the problems of the locational marginal pricing (LMP) mechanism in the stochastic electricity market with a high proportion of renewable energy are analyzed, the electricity prices of the LMP mechanism and the VCG mechanism under different renewable energy proportions are compared, and the redistribution of the budget imbalance of the VCG mechanism is analyzed.

show abstract

Section: Related Workmentioning

confidence: 99%