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Development of a Method of Internal Reference Price for Redistribution of Energy Imbalances in Balancing Groups

Author

Listed:
  • Jordanka Angelova

    (Technical University, Sofia, Bulgaria)

  • Gergana Kulina – Radeva

    (Technical University, Sofia, Bulgaria)

Abstract

The market of electrical energy /ÅÅ/ in Bulgaria has been liberated completely since 1 July 2007. Consumers who are out on the free market have to negotiate the price of ÅÅ and to plan on an hourly basis the quantities to be consumed. Any deviation takes them to the balancing market where the prices for the deficit and surplus of energy are unfavorable when compared with market prices. It is a good solution for those consumers to optimize their expenses for ÅÅ by joining a balancing group /BG/. Through their participation in a BG consumers have the best choice and the opportunity to optimize their expenses for imbalances by transferring the responsibility for balancing to the Coordinator of the balancing group /CBG/. CBG is responsible for distributing the total imbalance of the BG among its members, as well as for the prices of the balancing energy within the group. This is what has made the authors of this paper develop and test a method of optimal redistribution of energy imbalances that will lead to the optimization of the financial result of the participants in the balancing group.

Suggested Citation

  • Jordanka Angelova & Gergana Kulina – Radeva, 2019. "Development of a Method of Internal Reference Price for Redistribution of Energy Imbalances in Balancing Groups," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 515-525, December.
    • Handle: RePEc:nwe:eajour:y:2019:i:4:p:515-525
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    References listed on IDEAS

    as
    1. Rafal Weron, 2006. "Modeling and Forecasting Electricity Loads and Prices: A Statistical Approach," HSC Books, Hugo Steinhaus Center, Wroclaw University of Technology, number hsbook0601, December.
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    More about this item

    Keywords

    electrical energy; Balancing market; Balancing groups; Coordinator of balancing groups; Imbalances;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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