A single-settlement, energy-only electric power market for unpredictable and intermittent participants

A single-settlement, energy-only electric power market for unpredictable and intermittent participants

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Article ID: iaor20105613
Volume: 58
Issue: 4-Part-2
Start Page Number: 1210
End Page Number: 1219
Publication Date: Jul 2010
Journal: Operations Research
Authors: , ,
Keywords: programming: probabilistic
Abstract:

We discuss a stochastic-programming-based method for scheduling electric power generation subject to uncertainty. Such uncertainty may arise from either imperfect forecasting or moment-to-moment fluctuations, and on either the supply or the demand side. The method gives a system of locational marginal prices that reflect the uncertainty, and these may be used in a market settlement scheme in which payment is for energy only. We show that this scheme is revenue adequate in expectation.

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