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Stochastic electricity dispatch: A challenge for market design

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  • Bjørndal, Endre
  • Bjørndal, Mette
  • Midthun, Kjetil
  • Tomasgard, Asgeir

Abstract

We consider an energy-only electricity market where some generation and/or load is uncertain, and where there are flexibility costs, i.e. some conventional power plants have to be scheduled well before real time in order to participate in the dispatch, while for others, additional cost incurs if generation plans have to be adjusted close to real time.

Suggested Citation

  • Bjørndal, Endre & Bjørndal, Mette & Midthun, Kjetil & Tomasgard, Asgeir, 2018. "Stochastic electricity dispatch: A challenge for market design," Energy, Elsevier, vol. 150(C), pages 992-1005.
    • Handle: RePEc:eee:energy:v:150:y:2018:i:c:p:992-1005
    DOI: 10.1016/j.energy.2018.02.055
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    References listed on IDEAS

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    6. Exizidis, Lazaros & Kazempour, S. Jalal & Pinson, Pierre & de Greve, Zacharie & Vallée, François, 2016. "Sharing wind power forecasts in electricity markets: A numerical analysis," Applied Energy, Elsevier, vol. 176(C), pages 65-73.
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    Cited by:

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    3. Silva-Rodriguez, Lina & Sanjab, Anibal & Fumagalli, Elena & Virag, Ana & Gibescu, Madeleine, 2022. "Short term wholesale electricity market designs: A review of identified challenges and promising solutions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 160(C).
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    5. Sulaima, Mohamad Fani & Dahlan, Nofri Yenita & Yasin, Zuhaila Mat & Rosli, Marlinda Mohd & Omar, Zulkiflee & Hassan, Mohammad Yusri, 2019. "A review of electricity pricing in peninsular Malaysia: Empirical investigation about the appropriateness of Enhanced Time of Use (ETOU) electricity tariff," Renewable and Sustainable Energy Reviews, Elsevier, vol. 110(C), pages 348-367.
    6. Fang, Xin & Cui, Hantao & Du, Ershun & Li, Fangxing & Kang, Chongqing, 2021. "Characteristics of locational uncertainty marginal price for correlated uncertainties of variable renewable generation and demands," Applied Energy, Elsevier, vol. 282(PA).
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    8. Silva-Rodriguez, Lina & Sanjab, Anibal & Fumagalli, Elena & Gibescu, Madeleine, 2024. "Light robust co-optimization of energy and reserves in the day-ahead electricity market," Applied Energy, Elsevier, vol. 353(PA).
    9. Samuli Honkapuro & Jasmin Jaanto & Salla Annala, 2023. "A Systematic Review of European Electricity Market Design Options," Energies, MDPI, vol. 16(9), pages 1-26, April.
    10. Kara, Güray & Pisciella, Paolo & Tomasgard, Asgeir & Farahmand, Hossein & Crespo del Granado, Pedro, 2022. "Stochastic local flexibility market design, bidding, and dispatch for distribution grid operations," Energy, Elsevier, vol. 253(C).
    11. Mirzaei, Mohammad Amin & Sadeghi-Yazdankhah, Ahmad & Mohammadi-Ivatloo, Behnam & Marzband, Mousa & Shafie-khah, Miadreza & Catalão, João P.S., 2019. "Integration of emerging resources in IGDT-based robust scheduling of combined power and natural gas systems considering flexible ramping products," Energy, Elsevier, vol. 189(C).
    12. Piao, Longjian & de Vries, Laurens & de Weerdt, Mathijs & Yorke-Smith, Neil, 2021. "Electricity markets for DC distribution systems: Locational pricing trumps wholesale pricing," Energy, Elsevier, vol. 214(C).

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