Probabilistic pricing of ramp service in power systems with wind and solar generation

Sarfati, Mahir; Hesamzadeh, Mohammad Reza; Biggar, Darryl R.; Baldick, Ross

doi:10.1016/j.rser.2018.03.037

Cited by 6 publications

(2 citation statements)

References 27 publications

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“…The main obstacle preventing the implementation of these two models is that they require changing the state of affairs of conventional market structures. Finally, authors in [10] propose a stochastic dispatch model that aims at generating proper price signals that incentivize generators to provide reliability services akin to reserves. This model also guarantees cost recovery and revenue adequacy for every uncertainty realization, but in the meantime it does also require significant changes in market design as well as in the offering strategies of the renewable power producers.…”

Section: Introductionmentioning

confidence: 99%

Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch

Dvorkin

Delikaraoglou

Morales

2019

IEEE Trans. Power Syst.

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This paper deals with the problem of clearing sequential electricity markets under uncertainty. We consider the European approach, where reserves are traded separately from energy to meet exogenous reserve requirements. Recently proposed stochastic dispatch models that co-optimize these services provide the most efficient solution in terms of expected operating costs by computing reserve needs endogenously. However, these models are incompatible with existing market designs. This paper proposes a new method to compute reserve requirements that bring the outcome of sequential markets closer to the stochastic energy and reserves co-optimization in terms of cost efficiency. Our method is based on a stochastic bilevel program that implicitly improves the inter-temporal coordination of energy and reserve markets, but remains compatible with the European market design. We use two standard IEEE reliability test cases to illustrate the benefit of intelligently setting operating reserves in single and multiple reserve control zones.

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Section: Introductionmentioning

confidence: 99%

Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch

Dvorkin

Delikaraoglou

Morales

2019

IEEE Trans. Power Syst.

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“…(2) k represents the spread formed by the coordinator and the purchaser, Q k is the amount of electricity, m is the number of traders participating in the trade, and n is the number of all traders. The price profit formula obtained by the nucleolar metod is shown in Equation (10).…”

Section: Many-to-many Bilateral Contract Trading Mechanismmentioning

confidence: 99%

Wind Power Pricing Game Strategy under the China’s Market Trading Mechanism

2019

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Wind power has become the main power generation method in China’s clean energy power generation because of its clean and high efficiency, as well as its high power utilization rate. The research on its pricing mechanism has also become the main research focus of the wind power industry. However, wind power pricing is still at the stage of price benchmarking and no market mechanism has been introduced in China. There are still much research on the pricing mechanism of wind power for us to study. In this paper, the Kernel method is used to distribute wind power income. On the basis of the distribution result, considering the contract execution risk of wind power, cooperative game theory and the Shapley value method are used to redistribute the revenue of wind power connected to power grid. Based on the characteristics of alliance members, ANP (Analytic Network Process) was used to modify the apportioned benefits to obtain the benefit distribution method that was more in line with the interest demands of members, and an example was analyzed. The wind power pricing model based on the cooperative game established in this paper can guarantee the smooth operation of the alliance, reach the pareto optimum, and improve the activity of the wind power market. It will effectively shorten the negotiation time, and reduce the transaction cost and the uncertainty of the wind power transaction.

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Algorithm design for European electricity market clearing with joint allocation of energy and control reserves

Divenyi

Polgari

Sleisz

et al. 2019

International Journal of Electrical Power & Energy Systems

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Probabilistic pricing of ramp service in power systems with wind and solar generation

Cited by 6 publications

References 27 publications

Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch

Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch

Wind Power Pricing Game Strategy under the China’s Market Trading Mechanism

Algorithm design for European electricity market clearing with joint allocation of energy and control reserves

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