Pricing Electricity in Pools With Wind Producers

By Juan M. Morales, Antonio J. Conejo, Kai Liu, Jin Zhong. IEEE Transactions on Power Systems, 2012

199 citations recorded by the source corpus.

This paper considers an electricity pool that includes a significant number of wind producers and is cleared through a network-constrained auction, one day in advance and on an hourly basis. The hourly auction is formulated as a two-stage stochastic programming problem, where the first stage represents the clearing of the market and the second stage models the system operation under a number of plausible wind production realizations. This formulation co-optimizes energy and reserve, and allows deriving both pool energy prices and balancing energy prices. These prices result in both cost recovery for producers and revenue reconciliation. A case study of realistic size is used to illustrate the functioning of the proposed pricing scheme.

Subfields: Electrical and Electronic Engineering, Finance

View Paper: https://www.semanticscholar.org/paper/eef90ec18519857fb1c69bbeac4e711dfe93e76e

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In Electrical and Electronic Engineering

1. Chongqing Kang
2. Ning Zhang

Citations in the corpus

• Low-Carbon Operation of Multiple Energy Systems Based on Energy-Carbon Integrated Prices (2020, methodology): “The DC power flow model is widely used and considered to be sufficient for LMP calculation [24]–[26].”