On the design of wholesale electricity markets under uncertainty

Subhonmesh Bose

doi:10.1109/ALLERTON.2015.7447005

On the design of wholesale electricity markets under uncertainty

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

We propose a market mechanism for an electricity market under uncertainty, comprising of dispatchable generators, renewable power producers, and load-serving entities. The single-settlement market mechanism consists of a stochastic economic dispatch and a contingent nodal pricing scheme. We show that the market mechanism is efficient, revenue adequate in all scenarios of available renewable supply, and supports a Radner equilibrium. The proposed design is illustrated through the analysis of a copperplate power system. Finally, it is compared against existing market designs in the literature.

Original language	English (US)
Title of host publication	2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	203-210
Number of pages	8
ISBN (Electronic)	9781509018239
DOIs	https://doi.org/10.1109/ALLERTON.2015.7447005
State	Published - Apr 4 2016
Externally published	Yes
Event	53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015 - Monticello, United States Duration: Sep 29 2015 → Oct 2 2015

Publication series

Name	2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015

Other

Other	53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015
Country/Territory	United States
City	Monticello
Period	9/29/15 → 10/2/15

Keywords

Electricity markets
Renewable integration
Stochastic economic dispatch

ASJC Scopus subject areas

Computer Networks and Communications
Computer Science Applications
Control and Systems Engineering

Online availability

10.1109/ALLERTON.2015.7447005

Library availability

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Bose, S. (2016). On the design of wholesale electricity markets under uncertainty. In 2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015 (pp. 203-210). [7447005] (2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ALLERTON.2015.7447005

On the design of wholesale electricity markets under uncertainty. / Bose, Subhonmesh.
2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015. Institute of Electrical and Electronics Engineers Inc., 2016. p. 203-210 7447005 (2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Bose, S 2016, On the design of wholesale electricity markets under uncertainty. in 2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015., 7447005, 2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015, Institute of Electrical and Electronics Engineers Inc., pp. 203-210, 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015, Monticello, United States, 9/29/15. https://doi.org/10.1109/ALLERTON.2015.7447005

Bose S. On the design of wholesale electricity markets under uncertainty. In 2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015. Institute of Electrical and Electronics Engineers Inc. 2016. p. 203-210. 7447005. (2015 53rd Annual Allerton Conference on Communication, Control, and Computing, Allerton 2015). doi: 10.1109/ALLERTON.2015.7447005

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On the design of wholesale electricity markets under uncertainty

Abstract

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Keywords

ASJC Scopus subject areas

Online availability

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