The Experts below are selected from a list of 16458 Experts worldwide ranked by ideXlab platform
Bruce D Smith - One of the best experts on this subject based on the ideXlab platform.
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financial market frictions monetary policy and capital accumulation in a small open economy
Journal of Economic Theory, 1998Co-Authors: Elisabeth Huybens, Bruce D SmithAbstract:Abstract We consider a small open economy with a costly state verification problem and binding Reserve Requirements. The presence of these frictions leads to the existence of two steady states with credit rationing. An increase in the money growth rate, the world interest rate or Reserve Requirements raises (lowers) GDP in the high (low) activity steady state. However, sufficiently large increases in money growth or the world interest rate can transform the high activity steady state from a sink to a source. The model also delivers prescriptions for restoring the stability of this steady state in such an eventuality.Journal of Economic LiteratureClassification Numbers: E5, F4.
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financial market frictions monetary policy and capital accumulation in a small open economy
Research Papers in Economics, 1996Co-Authors: Elisabeth Huybens, Bruce D SmithAbstract:We consider a small open economy where domestic residents combine their own income with credit obtained either at home or abroad in order to finance capital investments. These investments are subject to a costly state verification (CSV) problem. In addition, lenders to domestic residents confront a binding Reserve requirement. Under one technical condition, the presence of these credit market frictions leads to the existence of two steady state equilibria: one with a relatively high and one with a relatively low capital stock. The low-capital-stock steady state is a saddle, while the high-capital-stock steady state may be either a sink or a source, depending on the rate of domestic money creation, the world interest rate and the level of domestic Reserve Requirements. An increase in the rate of money creation, the world interest rate or the level of Reserve Requirements acts to raise (lower) the level of real activity in the high (low)-capital-stock steady state. At the same time, sufficiently large increases in the rate of money growth or the world interest rate can transform the high-capital-stock steady state from a sink to a source. Thus, while small increases in the rate of interest or the money growth rate may be conducive to higher long-run levels of real activity, excessive increases can induce a kind of ''crisis''. This finding accords well with an array of empirical evidence. Finally, the model delivers a set of prescriptions for what a small open economy can do to protect itself against a ''crisis'' induced by rising world interest rates.
Shmuel S Oren - One of the best experts on this subject based on the ideXlab platform.
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large scale integration of deferrable demand and renewable energy sources
IEEE Transactions on Power Systems, 2014Co-Authors: Anthony Papavasiliou, Shmuel S OrenAbstract:We present a stochastic unit commitment model for assessing the impacts of the large-scale integration of renewable energy sources and deferrable demand in power systems in terms of Reserve Requirements. We analyze three demand response paradigms for assessing the benefits of demand flexibility: the centralized co-optimization of generation and demand by the system operator, demand bids and the coupling of renewable resources with deferrable loads. We motivate coupling as an alternative for overcoming the drawbacks of the two alternative demand response options and we present a dynamic programming algorithm for coordinating deferrable demand with renewable supply. We present simulation results for a model of the Western Electricity Coordinating Council.
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Reserve Requirements for wind power integration a scenario based stochastic programming framework
IEEE Transactions on Power Systems, 2011Co-Authors: Anthony Papavasiliou, Shmuel S Oren, Richard P OneillAbstract:We present a two-stage stochastic programming model for committing Reserves in systems with large amounts of wind power. We describe wind power generation in terms of a representative set of appropriately weighted scenarios, and we present a dual decomposition algorithm for solving the resulting stochastic program. We test our scenario generation methodology on a model of California consisting of 122 generators, and we show that the stochastic programming unit commitment policy outperforms common Reserve rules.
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price based adaptive spinning Reserve Requirements in power system scheduling
International Journal of Electrical Power & Energy Systems, 1999Co-Authors: Chungli Tseng, Shmuel S Oren, A J Svoboda, Raymond B JohnsonAbstract:In a deregulated electricity market such as the California WEPEX, spinning Reserves must be explicitly identified as an ancillary service and priced. Additionally, scheduling coordinators who match suppliers and demands may either self-provide spinning Reserves, or rely on the Independent System Operator (ISO) to provide Reserves at the spot price. The deregulated market structure makes explicit the implicit softness that has always been recognized in the Reserve constraints: additional Reserves may have value even when a minimum Reserve requirement has been met. In this paper we formulate the spinning Reserve requirement (SRR) as a function of the endogenously determined marginal values of Reserves. The spinning Reserve requirement depends, according to a non-increasing response function, on a price/value signal. We present three power system scheduling algorithms in which this price/value signal is updated at each iteration of a dual optimization. Game theory is used to interpret the proposed algorithms. Numerical test results are also presented.
Audun Botterud - One of the best experts on this subject based on the ideXlab platform.
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probabilistic zonal Reserve Requirements for improved energy management and deliverability with wind power uncertainty
IEEE Transactions on Power Systems, 2020Co-Authors: Byungkwon Park, Zhi Zhou, Audun Botterud, P ThimmapuramAbstract:In power systems with high penetration of renewable energy resources, uncertainty and variability of these stochastic resources introduce additional challenges for the operation of power systems. To improve the power system's reliability in the face of uncertainty, Reserves are required as additional generation capacity to rebalance the power system following random disturbances. However, Reserve deliverability is not guaranteed, because it may encounter potential transmission line congestion. Zonal Reserve Requirements can address this issue, but operators lack efficient ways to allocate Reserves to zones while accounting for wind power forecast uncertainty. We propose a methodology for probabilistic zonal Reserve Requirements to address wind power forecast uncertainties. This method estimates the probability distribution of line flows based on the system generation margin and injection shift factor. This estimate is then used to construct pre-defined and post-zonal Reserve Requirements. Case studies demonstrate that the proposed method efficiently schedules energy and Reserves to balance energy and manage deliverability with wind power forecast uncertainty. We also discuss operational implications of the proposed method.
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demand dispatch and probabilistic wind power forecasting in unit commitment and economic dispatch a case study of illinois
IEEE Transactions on Sustainable Energy, 2013Co-Authors: Audun Botterud, Zhi Zhou, Ricardo J Bessa, Jianhui Wang, Jean Sumaili, H Keko, Joana Mendes, Vladimiro MirandaAbstract:In this paper, we analyze how demand dispatch combined with the use of probabilistic wind power forecasting can help accommodate large shares of wind power in electricity market operations. We model the operation of day-ahead and real-time electricity markets, which the system operator clears by centralized unit commitment and economic dispatch. We use probabilistic wind power forecasting to estimate dynamic operating Reserve Requirements, based on the level of uncertainty in the forecast. At the same time, we represent price responsive demand as a dispatchable resource, which adds flexibility in the system operation. In a case study of the power system in Illinois, we find that both demand dispatch and probabilistic wind power forecasting can contribute to efficient operation of electricity markets with large shares of wind power.
Anthony Papavasiliou - One of the best experts on this subject based on the ideXlab platform.
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An Overview of Probabilistic Dimensioning of Frequency Restoration Reserves with a Focus on the Greek Electricity Market
'MDPI AG', 2021Co-Authors: Anthony PapavasiliouAbstract:The dynamic dimensioning of frequency restoration Reserves based on probabilistic criteria is becoming increasingly relevant in European power grid operations, following the guidelines of European legislation. This article compares dynamic dimensioning based on k-means clustering to static dimensioning on a case study of the Greek electricity market. It presents a model of system imbalances which aims to capture various realistic features of the stochastic behavior of imbalances, including skewed distributions, the dependencies of the imbalance distribution on various imbalance drivers, and the contributions of idiosyncratic noise to system imbalances. The imbalance model was calibrated in order to be consistent with historical Reserve Requirements in the Greek electricity market. The imbalance model was then employed in order to compare dynamic dimensioning based on probabilistic criteria to static dimensioning. The analysis revealed potential benefits of dynamic dimensioning for the Greek electricity market, which include a reduction in average Reserve Requirements and the preservation of a constant risk profile due to the adaptive nature of probabilistic dimensioning
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large scale integration of deferrable demand and renewable energy sources
IEEE Transactions on Power Systems, 2014Co-Authors: Anthony Papavasiliou, Shmuel S OrenAbstract:We present a stochastic unit commitment model for assessing the impacts of the large-scale integration of renewable energy sources and deferrable demand in power systems in terms of Reserve Requirements. We analyze three demand response paradigms for assessing the benefits of demand flexibility: the centralized co-optimization of generation and demand by the system operator, demand bids and the coupling of renewable resources with deferrable loads. We motivate coupling as an alternative for overcoming the drawbacks of the two alternative demand response options and we present a dynamic programming algorithm for coordinating deferrable demand with renewable supply. We present simulation results for a model of the Western Electricity Coordinating Council.
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Reserve Requirements for wind power integration a scenario based stochastic programming framework
IEEE Transactions on Power Systems, 2011Co-Authors: Anthony Papavasiliou, Shmuel S Oren, Richard P OneillAbstract:We present a two-stage stochastic programming model for committing Reserves in systems with large amounts of wind power. We describe wind power generation in terms of a representative set of appropriately weighted scenarios, and we present a dual decomposition algorithm for solving the resulting stochastic program. We test our scenario generation methodology on a model of California consisting of 122 generators, and we show that the stochastic programming unit commitment policy outperforms common Reserve rules.
Zhi Zhou - One of the best experts on this subject based on the ideXlab platform.
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probabilistic zonal Reserve Requirements for improved energy management and deliverability with wind power uncertainty
IEEE Transactions on Power Systems, 2020Co-Authors: Byungkwon Park, Zhi Zhou, Audun Botterud, P ThimmapuramAbstract:In power systems with high penetration of renewable energy resources, uncertainty and variability of these stochastic resources introduce additional challenges for the operation of power systems. To improve the power system's reliability in the face of uncertainty, Reserves are required as additional generation capacity to rebalance the power system following random disturbances. However, Reserve deliverability is not guaranteed, because it may encounter potential transmission line congestion. Zonal Reserve Requirements can address this issue, but operators lack efficient ways to allocate Reserves to zones while accounting for wind power forecast uncertainty. We propose a methodology for probabilistic zonal Reserve Requirements to address wind power forecast uncertainties. This method estimates the probability distribution of line flows based on the system generation margin and injection shift factor. This estimate is then used to construct pre-defined and post-zonal Reserve Requirements. Case studies demonstrate that the proposed method efficiently schedules energy and Reserves to balance energy and manage deliverability with wind power forecast uncertainty. We also discuss operational implications of the proposed method.
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demand dispatch and probabilistic wind power forecasting in unit commitment and economic dispatch a case study of illinois
IEEE Transactions on Sustainable Energy, 2013Co-Authors: Audun Botterud, Zhi Zhou, Ricardo J Bessa, Jianhui Wang, Jean Sumaili, H Keko, Joana Mendes, Vladimiro MirandaAbstract:In this paper, we analyze how demand dispatch combined with the use of probabilistic wind power forecasting can help accommodate large shares of wind power in electricity market operations. We model the operation of day-ahead and real-time electricity markets, which the system operator clears by centralized unit commitment and economic dispatch. We use probabilistic wind power forecasting to estimate dynamic operating Reserve Requirements, based on the level of uncertainty in the forecast. At the same time, we represent price responsive demand as a dispatchable resource, which adds flexibility in the system operation. In a case study of the power system in Illinois, we find that both demand dispatch and probabilistic wind power forecasting can contribute to efficient operation of electricity markets with large shares of wind power.
