The Experts below are selected from a list of 135 Experts worldwide ranked by ideXlab platform

Timothy D. Mount - One of the best experts on this subject based on the ideXlab platform.

  • market power and price volatility in restructured markets for electricity
    Decision Support Systems, 2001
    Co-Authors: Timothy D. Mount
    Abstract:

    Abstract The restructured market for electricity in the UK has experienced a systematic pattern of price spikes associated with the use of market power by the two dominant Generators. Partly in response to this problem, the share of capacity owned by any Individual Generator after restructuring was limited in Victoria, Australia. As a result, a much more competitive market resulted with prices substantially lower than they were under regulation. Nevertheless, an erratic pattern of price spikes exists and the price volatility is a potential problem for customers. This paper argues that the use of a uniform price auction (UPA) for electricity markets exacerbates price volatility. A discriminatory price auction (DPA) is proposed as a better alternative that would reduce the responsiveness of price to errors in forecasting total load.

  • HICSS - Market power and price volatility in restructured markets for electricity
    Proceedings of the 32nd Annual Hawaii International Conference on Systems Sciences. 1999. HICSS-32. Abstracts and CD-ROM of Full Papers, 1
    Co-Authors: Timothy D. Mount
    Abstract:

    The restructured market for electricity in the UK has experienced a systematic pattern of price spikes associated with the use of market power by the two dominant Generators. Partly in response to this problem, the share of capacity owned by any Individual Generator after restructuring was limited in Victoria, Australia. As a result, a much more competitive market resulted with prices substantially lower than they were under regulation. Nevertheless, an erratic pattern of price spikes exists and the price volatility is a potential problem for customers. This paper argues that the use of a uniform price auction for electricity markets exacerbates price volatility. A discriminatory price auction is proposed as a better alternative that would reduce the responsiveness of price to errors in forecasting total load.

Francisco D. Galiana - One of the best experts on this subject based on the ideXlab platform.

  • Pay-as-bid versus marginal pricing-part II: market behavior under strategic Generator offers
    IEEE Transactions on Power Systems, 2004
    Co-Authors: Yongjun Ren, Francisco D. Galiana
    Abstract:

    As the arguments for and against the use of pay-as-bid (PAB) or marginal pricing (MP) in electricity pools tend to be qualitative, we compare the quantitative behavior of the two markets assuming that Generators submit the best strategic offers that correspond to the specified pricing method. In Part I of this two-part study, assuming that the system marginal costs for PAB and MP are random with known probability density functions, we develop Generator strategic offers by maximizing the corresponding expected values of the Generator profits over the offer parameters. In Part II, relations are established between the system marginal costs for each market type and a common random demand, thus allowing the two markets to be compared through the expected values and variances of the Individual generation profits and of the consumer payments. This comparison demonstrates both theoretically and through simulation that: 1) he expected values of the Individual Generator profits as well as of the consumer payments are the same under MP and PAB and 2) the variances of the Individual Generator profits and of the consumer payments however are larger under MP than under PAB. The primary conclusion is then that although MP and PAB yield identical expected Generator profits and consumer payments, the risk of not meeting these expected values is greater under MP than under PAB.

  • Pay-as-bid versus marginal pricing-part I:Strategic Generator offers
    IEEE Transactions on Power Systems, 2004
    Co-Authors: Yongjun Ren, Francisco D. Galiana
    Abstract:

    As the arguments for and against the use of pay-as-bid (PAB) or marginal pricing (MP) in electricity pools tend to be qualitative, we compare the quantitative behavior of the two markets assuming that Generators submit the best strategic offers that correspond to the specified pricing method. In Part I of this two-part study, assuming that the system marginal costs for PAB and MP are random with known probability density functions, we develop Generator strategic offers by maximizing the corresponding expected values of the Generator profits over the offer parameters. In Part II relations are established between the SMCs for each market type and a common random demand, thus allowing the two markets to be compared through the expected values and variances of the Individual generation profits and of the consumer payments. This comparison demonstrates both theoretically and through simulation that: 1) the expected values of the Individual Generator profits as well as of the consumer payments are the same under MP and PAB and 2) the variances of the Individual Generator profits and of the consumer payments however are larger under MP than under PAB. The primary conclusion is then that although MP and PAB yield identical expected Generator profits and consumer payments, the risk of not meeting these expected values is greater under MP than under PAB.

Andrea Michiorri - One of the best experts on this subject based on the ideXlab platform.

  • coordinated output control of multiple distributed generation schemes
    Iet Renewable Power Generation, 2010
    Co-Authors: S C E Jupe, Phil Taylor, Andrea Michiorri
    Abstract:

    Candidate strategies for the coordinated output control of multiple distributed generation (DG) schemes are presented. The proposed strategies are underpinned by power flow sensitivity factors and allow real-time knowledge of power system thermal ratings to be utilised. This could be of value in situations where distribution network power flows require management as a result of DG proliferation. Through off-line open-loop simulations, using historical data from a section of the UK distribution network, the candidate strategies are evaluated against a benchmark control solution in terms of annual energy yields, component losses and voltages. Furthermore, the Individual Generator annual energy yields and Generator-apportioned losses are used to assess the net present values of candidate control strategies to DG developers.

  • Coordinated output control of multiple distributed generation schemes
    IET Renewable Power Generation, 2010
    Co-Authors: S C E Jupe, Phil Taylor, Andrea Michiorri
    Abstract:

    This paper presents candidate strategies for the coordinated output control of multiple distributed generation schemes. The proposed strategies are underpinned by power flow sensitivity factors and allow real-time knowledge of power system thermal ratings to be utilised. This could be of value in situations where distribution network power flows require management as a result of distributed generation proliferation. Through off-line open-loop simulations, using historical data from a section of the UK distribution network, the candidate strategies are evaluated against a benchmark control solution in terms of annual energy yields, component losses and voltages. Furthermore, the Individual Generator annual energy yields and Generator-apportioned losses are used to assess the net present values of candidate control strategies to distributed generation developers. Nomenclature C 1,2,3 Variable costs (£M) C control Cost of the distributed Generator output control system (£M)

Yongjun Ren - One of the best experts on this subject based on the ideXlab platform.

  • Pay-as-bid versus marginal pricing-part II: market behavior under strategic Generator offers
    IEEE Transactions on Power Systems, 2004
    Co-Authors: Yongjun Ren, Francisco D. Galiana
    Abstract:

    As the arguments for and against the use of pay-as-bid (PAB) or marginal pricing (MP) in electricity pools tend to be qualitative, we compare the quantitative behavior of the two markets assuming that Generators submit the best strategic offers that correspond to the specified pricing method. In Part I of this two-part study, assuming that the system marginal costs for PAB and MP are random with known probability density functions, we develop Generator strategic offers by maximizing the corresponding expected values of the Generator profits over the offer parameters. In Part II, relations are established between the system marginal costs for each market type and a common random demand, thus allowing the two markets to be compared through the expected values and variances of the Individual generation profits and of the consumer payments. This comparison demonstrates both theoretically and through simulation that: 1) he expected values of the Individual Generator profits as well as of the consumer payments are the same under MP and PAB and 2) the variances of the Individual Generator profits and of the consumer payments however are larger under MP than under PAB. The primary conclusion is then that although MP and PAB yield identical expected Generator profits and consumer payments, the risk of not meeting these expected values is greater under MP than under PAB.

  • Pay-as-bid versus marginal pricing-part I:Strategic Generator offers
    IEEE Transactions on Power Systems, 2004
    Co-Authors: Yongjun Ren, Francisco D. Galiana
    Abstract:

    As the arguments for and against the use of pay-as-bid (PAB) or marginal pricing (MP) in electricity pools tend to be qualitative, we compare the quantitative behavior of the two markets assuming that Generators submit the best strategic offers that correspond to the specified pricing method. In Part I of this two-part study, assuming that the system marginal costs for PAB and MP are random with known probability density functions, we develop Generator strategic offers by maximizing the corresponding expected values of the Generator profits over the offer parameters. In Part II relations are established between the SMCs for each market type and a common random demand, thus allowing the two markets to be compared through the expected values and variances of the Individual generation profits and of the consumer payments. This comparison demonstrates both theoretically and through simulation that: 1) the expected values of the Individual Generator profits as well as of the consumer payments are the same under MP and PAB and 2) the variances of the Individual Generator profits and of the consumer payments however are larger under MP than under PAB. The primary conclusion is then that although MP and PAB yield identical expected Generator profits and consumer payments, the risk of not meeting these expected values is greater under MP than under PAB.

S C E Jupe - One of the best experts on this subject based on the ideXlab platform.

  • coordinated output control of multiple distributed generation schemes
    Iet Renewable Power Generation, 2010
    Co-Authors: S C E Jupe, Phil Taylor, Andrea Michiorri
    Abstract:

    Candidate strategies for the coordinated output control of multiple distributed generation (DG) schemes are presented. The proposed strategies are underpinned by power flow sensitivity factors and allow real-time knowledge of power system thermal ratings to be utilised. This could be of value in situations where distribution network power flows require management as a result of DG proliferation. Through off-line open-loop simulations, using historical data from a section of the UK distribution network, the candidate strategies are evaluated against a benchmark control solution in terms of annual energy yields, component losses and voltages. Furthermore, the Individual Generator annual energy yields and Generator-apportioned losses are used to assess the net present values of candidate control strategies to DG developers.

  • Coordinated output control of multiple distributed generation schemes
    IET Renewable Power Generation, 2010
    Co-Authors: S C E Jupe, Phil Taylor, Andrea Michiorri
    Abstract:

    This paper presents candidate strategies for the coordinated output control of multiple distributed generation schemes. The proposed strategies are underpinned by power flow sensitivity factors and allow real-time knowledge of power system thermal ratings to be utilised. This could be of value in situations where distribution network power flows require management as a result of distributed generation proliferation. Through off-line open-loop simulations, using historical data from a section of the UK distribution network, the candidate strategies are evaluated against a benchmark control solution in terms of annual energy yields, component losses and voltages. Furthermore, the Individual Generator annual energy yields and Generator-apportioned losses are used to assess the net present values of candidate control strategies to distributed generation developers. Nomenclature C 1,2,3 Variable costs (£M) C control Cost of the distributed Generator output control system (£M)