Optimal capacity allocation in multi-auction electricity markets under uncertainty

Optimal capacity allocation in multi-auction electricity markets under uncertainty

0.00 Avg rating0 Votes
Article ID: iaor20052204
Country: United Kingdom
Volume: 32
Issue: 2
Start Page Number: 201
End Page Number: 217
Publication Date: Feb 2005
Journal: Computers and Operations Research
Authors: , ,
Keywords: allocation: resources, bidding, optimization
Abstract:

The advent of competitive markets confronts each producer with the problem of optimally allocating his energy/capacity so as to maximize his profits. The multiplicity of auctions in electricity markets and the non-trivial constraints imposed by technical and bidding rules make the problem of crucial importance and difficult to model and solve. Further difficulties are represented by the dynamic and stochastic natures that characterize the decision process. We formulate the problem as a multi-stage mixed-integer stochastic optimization model under the assumption that the seller is a price taker. We validate the effectiveness of the proposed model on a representative test problem.

Reviews

Required fields are marked *. Your email address will not be published.