Optimal design of bilateral contracts for energy procurement

Optimal design of bilateral contracts for energy procurement

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Article ID: iaor201527310
Volume: 246
Issue: 2
Start Page Number: 641
End Page Number: 650
Publication Date: Oct 2015
Journal: European Journal of Operational Research
Authors: , , ,
Keywords: economics, combinatorial optimization
Abstract:

In this paper, we consider the problem of optimizing the portfolio of an aggregator that interacts with the energy grid via bilateral contracts. The purpose of the contracts is to achieve the pointwise procurement of energy to the grid. The challenge raised by the coordination of scattered resources and the securing of obligations over the planning horizon is addressed through a twin‐time scale model, where robust short term operational decisions are contingent on long term resource usage incentives that embed the full extent of contract specifications.

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