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A Single-Settlement, Energy-Only Electric Power Market for Unpredictable and Intermittent Participants

Author

Listed:
  • Geoffrey Pritchard

    (Department of Statistics, University of Auckland, Auckland 1010, New Zealand)

  • Golbon Zakeri

    (Department of Engineering Science, University of Auckland, Auckland 1010, New Zealand)

  • Andrew Philpott

    (Department of Engineering Science, University of Auckland, Auckland 1010, New Zealand)

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.

Suggested Citation

  • Geoffrey Pritchard & Golbon Zakeri & Andrew Philpott, 2010. "A Single-Settlement, Energy-Only Electric Power Market for Unpredictable and Intermittent Participants," Operations Research, INFORMS, vol. 58(4-part-2), pages 1210-1219, August.
    • Handle: RePEc:inm:oropre:v:58:y:2010:i:4-part-2:p:1210-1219
    DOI: 10.1287/opre.1090.0800
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