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Marko Delimar - One of the best experts on this subject based on the ideXlab platform.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    Energies, 2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyzes the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation, which quantifies the hourly Cost of mitigating risk, and the water shadow price, which quantifies the Marginal Cost of electricity production. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vratarusa in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves. The proposed method is expected to be of great interest to investors as it enables risk mitigation for investors with diverse risk preferences, from risk-averse to risk-seeking.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyses the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost (SRMC) Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation capability and the water shadow price. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vrataruša in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves.

Gilles Hug - One of the best experts on this subject based on the ideXlab platform.

  • Integration of optimal storage operation into Marginal Cost Curve representation
    Energy Systems, 2016
    Co-Authors: Gilles Hug
    Abstract:

    In the economic dispatch problem, the objective is to supply the demand at least Cost. It is a well known fact that the solution to this problem corresponds to the generation settings that lead to equal Marginal/incremental Costs for all generators and for which the total generation output is equal to the total load. This provides a way to determine the solution to the economic dispatch problem by simply considering the Marginal Cost Curves of the generators and the demand Curve. In this paper, we integrate the effect of storage into this Marginal Cost analysis. This requires the consideration of conversion losses occurring in the storage converter, the extension to a multi-step optimization problem and the limitations imposed by the limited energy storage capacity. A method is provided by which the optimal generation and storage settings can be determined by only using Marginal Cost Curves and the intersections thereof. Simulation results provide insights into how the theory translates into solving a multi-step optimization problem including storage.

Perica Ilak - One of the best experts on this subject based on the ideXlab platform.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    Energies, 2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyzes the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation, which quantifies the hourly Cost of mitigating risk, and the water shadow price, which quantifies the Marginal Cost of electricity production. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vratarusa in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves. The proposed method is expected to be of great interest to investors as it enables risk mitigation for investors with diverse risk preferences, from risk-averse to risk-seeking.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyses the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost (SRMC) Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation capability and the water shadow price. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vrataruša in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves.

Dwight R. Lee - One of the best experts on this subject based on the ideXlab platform.

  • Monopoly as a Coordination Problem
    Public Choice Essays in Honor of a Maverick Scholar: Gordon Tullock, 2000
    Co-Authors: Dwight R. Lee, Richard B. Mckenzie
    Abstract:

    The contribution to the theory of monopoly that most people recall when considering Gordon TuUock’s work concerns the rent-seeking Cost of monopoly. After Tullock published his justly famous 1967 article “The Welfare Costs of Tariffs, Monopolies, and Theft” economists could no longer think of the social Cost of monopolies solely in terms of the dead-weight losses of Harberger triangles. Monopolists devote resources to securing and maintaining their monopoly positions. The value of those resources, in their best alternative use, represents a social Costs of monopoly that is generally larger than that represented by the area between the demand Curve and Marginal Cost Curve over the range from the monopoly output to the competitive output. Without downplaying the importance of Tullock’s rent-seeking theory to understanding monopoly behavior, we want to emphasize another of his contributions that has important implications for the theory of monopoly, which has been largely ignored. There are two reasons for this oversight. First, the contribution we have in mind comes from his 1965 book The Politics of Bureaucracy and has been developed by, and primarily associated with the work of others, work that now goes by the name of principal-agent theory. Second, principal-agent theory has implications for monopolies that have not been recognized and which we develop in this chapter. So, as with so many other things we have written, this chapter is rooted in fundamental ways on the insights and contributions of Gordon Tullock.

  • The Short- and Long-Run Marginal Cost Curve: A Pedagogical Note
    The Journal of Economic Education, 1993
    Co-Authors: Robert L. Sexton, Philip E. Graves, Dwight R. Lee
    Abstract:

    A demonstration and explanation of short-run Marginal Costs that are lower than long-run Marginal Costs.

  • The short-and long-run Marginal Cost Curve: a pedagogical note
    1993
    Co-Authors: Robert L. Sexton, Philip E. Graves, Dwight R. Lee
    Abstract:

    The brief paper lacks an abstract, but clarifies a point of considerable confusion among students of economics.

  • Efficient User Charges in a Rent-Seeking Model
    Economic Inquiry, 1991
    Co-Authors: Dwight R. Lee, Paul W. Wilson
    Abstract:

    This paper examines efficient user charges on governmentally provided facilities in the presence of rent seeking. The authors find that the efficient user charge depends upon the relative slopes of the demand Curve for the use of the facility and the corresponding Marginal Cost Curve, as well as the level of rent seeking over the revenue raised. Except for a special case, the efficient user charge is found to differ from the charge indicated by the intersection of demand and Marginal Cost Curves. Examples show that actual user charges on government facilities are often set at inefficient levels. Copyright 1991 by Oxford University Press.

Josip Đaković - One of the best experts on this subject based on the ideXlab platform.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    Energies, 2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyzes the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation, which quantifies the hourly Cost of mitigating risk, and the water shadow price, which quantifies the Marginal Cost of electricity production. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vratarusa in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves. The proposed method is expected to be of great interest to investors as it enables risk mitigation for investors with diverse risk preferences, from risk-averse to risk-seeking.

  • Duality Based Risk Mitigation Method for Construction of Joint Hydro-Wind Coordination Short-Run Marginal Cost Curves
    2018
    Co-Authors: Perica Ilak, Ivan Rajšl, Josip Đaković, Marko Delimar
    Abstract:

    This study analyses the short-run hydro generation scheduling for the wind power differences from the contracted schedule. The approach for construction of the joint short-run Marginal Cost Curve for the hydro-wind coordinated generation is proposed and applied on the real example. This joint short-run Marginal Cost (SRMC) Curve is important for its participation in the energy markets and for economic feasibility assessment of such coordination. The approach credibly describes the short-run Marginal Costs which this coordination bears in “real life”. The approach is based on the duality framework of a convex programming and as a novelty combines the shadow price of risk mitigation capability and the water shadow price. The proposed approach is formulated as a stochastic linear program and tested on the case of the Vinodol hydropower system and the wind farm Vrataruša in Croatia. The result of the case study is a family of 24 joint short-run Marginal Cost Curves.