Optimization of time-based rates in forward energy markets
Name
Kirtley_Optimization of time-based.pdf
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1.22 MB
Format
Adobe PDF
Checksum (MD5)
5b30efe85873dc4339561beb9f5f1478
Author(s)
Wang, J.
Kennedy, Scott
Kirtley, James L., Jr.
Date Issued
August 2010
Journal
7th International Conference on the European Energy Market 2010 (EEM)
Publisher
Institute of Electrical and Electronics Engineers (IEEE)
Citation
Wang, J., S. Kennedy, and J. Kirtley. “Optimization of Time-Based Rates in Forward Energy Markets.” 7th International Conference on the European Energy Market 2010 (EEM). 1–7. © Copyright 2010 IEEE
Version
Final published version
Abstract
This paper presents a new two-step design approach of Time-Based Rate (TBR) programs for markets with a high penetration of variable energy sources such as wind power. First, an optimal market time horizon must be determined that balances between production generation forecast accuracy and customers' scheduling flexibility, in order to achieve a minimum system cost in forward and real-time reserve energy markets. The time horizon obtained is used as a known parameter in the subsequent design of TBR's pricing values. Customers' scheduling strategies modeled by price elasticity matrices along with current system conditions are considered in the price calculation process, during which system cost of the forward energy market is minimized.
MIT Department
Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science
Terms of Use
Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1109/EEM.2010.5558713
