Activities per year
Abstract
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.
Original language | English |
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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 |
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Country | Germany |
City | Berlin |
Period | 11/11/2014 → 13/11/2014 |
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Activities
- 1 Conference presentations
-
13th International Workshop on Large-Scale Integration of Wind Power into Power Systems as well as on Transmission Networks for Offshore Wind Power (WIW 2014)
Athanasios Papakonstantinou (Speaker)
11 Nov 2014 → 13 Nov 2014Activity: Talks and presentations › Conference presentations
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