Abstract
| Original language | English |
|---|---|
| Title of host publication | 2014 Proceedings of 13th International Workshop on Large-Scale Integration of Wind Power and Transmission Networks |
| Number of pages | 6 |
| Publisher | IEEE Press |
| Publication date | 2014 |
| ISBN (Print) | 978-3-98 13870-9-4 |
| Publication status | Published - 2014 |
| Event | 13th International Workshop on Large-Scale Integration of Wind Power into Power Systems as well as on Transmission Networks for Offshore Wind Plants - Berlin, Germany Duration: 11 Nov 2014 → 13 Nov 2014 |
Conference
| Conference | 13th International Workshop on Large-Scale Integration of Wind Power into Power Systems as well as on Transmission Networks for Offshore Wind Plants |
|---|---|
| Country | Germany |
| City | Berlin |
| Period | 11/11/2014 → 13/11/2014 |
Cite this
}
Towards electricity markets accommodating uncertain offers. / Papakonstantinou, Athanasios; Pinson, Pierre.
2014 Proceedings of 13th International Workshop on Large-Scale Integration of Wind Power and Transmission Networks. IEEE Press, 2014.Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review
TY - GEN
T1 - Towards electricity markets accommodating uncertain offers
AU - Papakonstantinou, Athanasios
AU - Pinson, Pierre
PY - 2014
Y1 - 2014
N2 - The use of renewable energy sources of energy and in particular wind and solar has been on the rise over the last decades with plans to increase it even more. Such developments introduce significant challenges in existing power systems and can result in high electricity prices and costly infrastructure investments. In this paper we propose a new electricity market mechanism whereby the uncertain and dynamic nature of wind power and other stochastic sources is embedded in the market mechanism itself, by modelling producers’ bids as probabilistic estimates. An extension on the bilevel programming formulation of an electricity market, based on the Continuous Ranked Probability Score (CRPS) reduces the impact of poor estimates for both the stochastic producers and the system operator. We introduce a simulation setting which first demonstrates that impact and then proceed to illustrate the main features our market setup and compare it with a conventional electricity market and a standard bilevel setup.
AB - The use of renewable energy sources of energy and in particular wind and solar has been on the rise over the last decades with plans to increase it even more. Such developments introduce significant challenges in existing power systems and can result in high electricity prices and costly infrastructure investments. In this paper we propose a new electricity market mechanism whereby the uncertain and dynamic nature of wind power and other stochastic sources is embedded in the market mechanism itself, by modelling producers’ bids as probabilistic estimates. An extension on the bilevel programming formulation of an electricity market, based on the Continuous Ranked Probability Score (CRPS) reduces the impact of poor estimates for both the stochastic producers and the system operator. We introduce a simulation setting which first demonstrates that impact and then proceed to illustrate the main features our market setup and compare it with a conventional electricity market and a standard bilevel setup.
M3 - Article in proceedings
SN - 978-3-98 13870-9-4
BT - 2014 Proceedings of 13th International Workshop on Large-Scale Integration of Wind Power and Transmission Networks
PB - IEEE Press
ER -