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Generalized Uplifts in Pool-Based Electricity Markets

In: Analysis, Control and Optimization of Complex Dynamic Systems

Author

Listed:
  • François Bouffard
  • Francisco D. Galiana

Abstract

The electricity pool is a fundamental coordination mechanism for scheduling short-term forward electricity markets. It is fundamental theoretically in the sense that its main goal is the best use of society's resources subject to basic reliability criteria. However, the pool scheduling and its associated marginal pricing procedure may not be able to unambiguously coordinate its self-interested participant generators. In other words, the centrally-determined operation and marginal price schedules may not lead to a competitive equilibrium. Several out-of-market mechanisms have been proposed to bridge the objectives of the pool with those of the market players. Among them are uplifts whose current use still does not induce true competitive equilibria. In this chapter, generalized uplifts are proposed as an alternative to traditional uplifts. An innovative mechanism to compute the generalized uplifts is developed. A simple illustrative example is presented.

Suggested Citation

  • François Bouffard & Francisco D. Galiana, 2005. "Generalized Uplifts in Pool-Based Electricity Markets," Springer Books, in: El Kébir Boukas & Roland P. Malhamé (ed.), Analysis, Control and Optimization of Complex Dynamic Systems, chapter 0, pages 193-214, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25477-7_8
    DOI: 10.1007/0-387-25477-3_8
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    Citations

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    Cited by:

    1. Araoz, Veronica & Jörnsten, Kurt, 2011. "Semi-Lagrangean approach for price discovery in markets with non-convexities," European Journal of Operational Research, Elsevier, vol. 214(2), pages 411-417, October.
    2. Izabela Żółtowska & Eugeniusz Toczyłowski, 2009. "A compensation-based pricing scheme in markets with non-convexities," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 19(4), pages 125-140.
    3. Izabela Zoltowska & Eugeniusz Toczylowski, 2009. "A compensation-based pricing scheme in marketswith non-convexities," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 4, pages 125-140.
    4. Toczylowski, Eugeniusz & Zoltowska, Izabela, 2009. "A new pricing scheme for a multi-period pool-based electricity auction," European Journal of Operational Research, Elsevier, vol. 197(3), pages 1051-1062, September.
    5. Vazquez, Carlos & Hallack, Michelle & Vazquez, Miguel, 2017. "Price computation in electricity auctions with complex rules: An analysis of investment signals," Energy Policy, Elsevier, vol. 105(C), pages 550-561.

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