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Boomer-Consumer: a model for load consumption and reserve offers in reserve constrained electricity markets

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  • Nigel Cleland
  • Golbon Zakeri
  • Geoff Pritchard
  • Brent Young

Abstract

A model to determine the optimal consumption level and associated reserve offer for a large consumer in a co-optimised electricity market is presented. The method uses numerical simulation along with a full representation of the New Zealand electricity market dispatch model. Uncertainty is introduced through the use of stochastic demand sampling. We approach this process in three phases: phase one contains simulations to determine potential energy and reserve prices under uncertainty. Phase two uses a dynamic programming method, adapted from a generator model, to determine the optimal reserve offer. Phase three is the repetition of phase one with the optimal reserve offer intact. The model has been applied to a user in New Zealand and initial results have been presented. The model approached a theoretical maximum profitability when used as an input to a site curtailment response strategy. Copyright Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Nigel Cleland & Golbon Zakeri & Geoff Pritchard & Brent Young, 2015. "Boomer-Consumer: a model for load consumption and reserve offers in reserve constrained electricity markets," Computational Management Science, Springer, vol. 12(4), pages 519-537, October.
    • Handle: RePEc:spr:comgts:v:12:y:2015:i:4:p:519-537
    DOI: 10.1007/s10287-015-0241-2
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    References listed on IDEAS

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    1. Hurlbut, David & Rogas, Keith & Oren, Shmuel, 2004. "Protecting the Market from "Hockey Stick" Pricing: How the Public Utility Commission of Texas is Dealing with Potential Price Gouging," The Electricity Journal, Elsevier, vol. 17(3), pages 26-33, April.
    2. Philip J. Neame & Andrew B. Philpott & Geoffrey Pritchard, 2003. "Offer Stack Optimization in Electricity Pool Markets," Operations Research, INFORMS, vol. 51(3), pages 397-408, June.
    3. Strbac, Goran, 2008. "Demand side management: Benefits and challenges," Energy Policy, Elsevier, vol. 36(12), pages 4419-4426, December.
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    Cited by:

    1. Anna Schwele & Christos Ordoudis & Pierre Pinson & Jalal Kazempour, 2021. "Coordination of power and natural gas markets via financial instruments," Computational Management Science, Springer, vol. 18(4), pages 505-538, October.

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