The Design Of Optimal Electric Power Demand Management Contracts
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The Design Of Optimal Electric Power Demand Management Contracts
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Author : Murat Fahriǧlu
language : en
Publisher:
Release Date : 1999
The Design Of Optimal Electric Power Demand Management Contracts written by Murat Fahriǧlu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
This kind of demand management contracts can also be used by an Independent System Operator (ISO). During times of congestion a loss of economic surplus occurs. When the market is too slow or cannot help relieve congestion, demand management can help solve the problem. Another tool the ISO requires for security purposes is reserves. Even though demand management contracts may not be a good substitute for spinning reserves, they are adequate to augment or replace supplemental and backup reserves.
A New Swing Contract Design For Wholesale Power Markets
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Author :
language : en
Publisher: John Wiley & Sons
Release Date : 2020-12-12
A New Swing Contract Design For Wholesale Power Markets written by and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-12 with Technology & Engineering categories.
Provides comprehensive information on swing contracts for flexible reserve provision in wholesale power markets This book promotes a linked swing-contract market design for centrally-managed wholesale power markets to facilitate increased reliance on renewable energy resources and demand-side participation. The proposed swing contracts are firm or option two-part pricing contracts permitting resources to offer the future availability of dispatchable power paths (reserve) with broad types of flexibility in their power attributes. A New Swing-Contract Design for Wholesale Power Markets begins with a brief introduction to the subject, followed by two chapters that cover: general goals for wholesale power market design; history, operations, and conceptual concerns for current U.S. RTO/ISO-managed wholesale power markets; and the relationship of the present study to previous swing-contract research. The next eight chapters cover: a general swing-contract formulation for centrally-managed wholesale power markets; illustrative swing-contract reserve offers; inclusion of reserve offers with price swing; inclusion of price-sensitive reserve bids; and extension to a linked collection of swing-contract markets. Operations in current U.S. RTO/ISO-managed markets are reviewed in the following four chapters, and conceptual and practical advantages of the linked swing-contract market design are carefully considered. The book concludes with an examination of two key issues: How might current U.S. RTO/ISO-managed markets transition gradually to a swing-contract form? And how might independent distribution system operators, functioning as linkage entities at transmission and distribution system interfaces, make use of swing contracts to facilitate their participation in wholesale power markets as providers of ancillary services harnessed from distribution-side resources? In summary, this title: Addresses problems with current wholesale electric power markets by developing a new swing-contract market design from concept to practical implementation Provides introductory chapters that explain the general principles motivating the new market design, hence why a new approach is required Develops a new type of swing contract suitable for wholesale power markets with increasing reliance on renewable energy and active demand-side participation A New Swing-Contract Design for Wholesale Power Markets is an ideal book for electric power system professionals and for students specializing in electric power systems.
Optimal Electricity Demand Response Contracting With Responsiveness Incentives
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Author : René Aïd
language : en
Publisher:
Release Date : 2019
Optimal Electricity Demand Response Contracting With Responsiveness Incentives written by René Aïd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Despite the success of demand response programs in retail electricity markets in reducing average consumption, the random responsiveness of consumers to price event makes their efficiency questionable to achieve the flexibility needed for electric systems with a large share of renewable energy. The variance of consumers' responses depreciates the value of these mechanisms and makes them weakly reliable. This paper aims at designing demand response contracts which allow to act on both the average consumption and its variance. The interaction between a risk--averse producer and a risk--averse consumer is modelled as a Principal-Agent problem, thus accounting for the moral hazard underlying demand response contracts. The producer, facing the limited flexibility of production, pays an appropriate incentive compensation to encourage the consumer to reduce his average consumption and to enhance his responsiveness. We provide closed--form solution for the optimal contract in the case of constant marginal costs of energy and volatility for the producer and constant marginal value of energy for the consumer. We show that the optimal contract has a rebate form where the initial condition of the consumption serves as a baseline. Further, the consumer cannot manipulate the baseline at his own advantage. The first--best price for energy is a convex combination of the marginal cost and the marginal value of energy where the weights are given by the risk--aversion ratios, and the first--best price for volatility is the risk--aversion ratio times the marginal cost of volatility. The second--best price for energy and volatility are non--constant and non--increasing in time. The price for energy is lower (resp. higher) than the marginal cost of energy during peak--load (resp. off--peak) periods.We illustrate the potential benefit issued from the implementation of an incentive mechanism on the responsiveness of the consumer by calibrating our model with publicly available data. We predict a significant increase of responsiveness under our optimal contract and a significant increase of the producer satisfaction.
Demand Side Management Planning
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Author : Clark W. Gellings
language : en
Publisher:
Release Date : 1993
Demand Side Management Planning written by Clark W. Gellings and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Here is a complete guide to the planning and implementation of effective demand-side management programs. This excellent reference provides expert guidance for every component of the DSM program, including load management programs, forecasting, pricing, and promotion of efficient end-use technologies. For the power user, it will provide new insight into utility incentive and rebate programs, and how to best take advantage of cost-saving benefits.
Optimal Operation And Control Of Power Systems Using An Algebraic Modelling Language
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Author : Nnamdi Nwulu
language : en
Publisher: Springer Nature
Release Date : 2021-01-04
Optimal Operation And Control Of Power Systems Using An Algebraic Modelling Language written by Nnamdi Nwulu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-04 with Technology & Engineering categories.
This book presents mathematical models of demand-side management programs, together with operational and control problems for power and renewable energy systems. It reflects the need for optimal operation and control of today’s electricity grid at both the supply and demand spectrum of the grid. This need is further compounded by the advent of smart grids, which has led to increased customer/consumer participation in power and renewable energy system operations. The book begins by giving an overview of power and renewable energy systems, demand-side management programs and algebraic modeling languages. The overview includes detailed consideration of appliance scheduling algorithms, price elasticity matrices and demand response incentives. Furthermore, the book presents various power system operational and control mathematical formulations, incorporating demand-side management programs. The mathematical formulations developed are modeled and solved using the Advanced Interactive Multidimensional Modeling System (AIMMS) software, which offers a powerful yet simple algebraic modeling language for solving optimization problems. The book is extremely useful for all power system operators and planners who are concerned with optimal operational procedures for managing today’s complex grids, a context in which customers are active participants and can curb/control their demand. The book details how AIMMS can be a useful tool in optimizing power grids and also offers a valuable research aid for students and academics alike.
The Economics Of Electricity Markets
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Author : Darryl R. Biggar
language : en
Publisher: John Wiley & Sons
Release Date : 2014-07-10
The Economics Of Electricity Markets written by Darryl R. Biggar and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-10 with Science categories.
Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes
Robust Optimal Planning And Operation Of Electrical Energy Systems
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Author : Behnam Mohammadi-ivatloo
language : en
Publisher: Springer
Release Date : 2019-02-06
Robust Optimal Planning And Operation Of Electrical Energy Systems written by Behnam Mohammadi-ivatloo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-06 with Technology & Engineering categories.
This book discusses the recent developments in robust optimization (RO) and information gap design theory (IGDT) methods and their application for the optimal planning and operation of electric energy systems. Chapters cover both theoretical background and applications to address common uncertainty factors such as load variation, power market price, and power generation of renewable energy sources. Case studies with real-world applications are included to help undergraduate and graduate students, researchers and engineers solve robust power and energy optimization problems and provide effective and promising solutions for the robust planning and operation of electric energy systems.
Risk Management And Combinatorial Optimization For Large Scale Demand Response And Renewable Energy Integration
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Author : Insoon Yang
language : en
Publisher:
Release Date : 2015
Risk Management And Combinatorial Optimization For Large Scale Demand Response And Renewable Energy Integration written by Insoon Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
To decarbonize the electric power grid, there have been increased efforts to utilize clean renewable energy sources, as well as demand-side resources such as electric loads. This utilization is challenging because of uncertain renewable generation and inelastic demand. Furthermore, the interdependencies between system states of power networks or interconnected loads complicate several decision-making problems. Growing interactions between power and energy systems and human agents with advances in sensing, computing and communication technologies also increase the need for personalized operations. In this dissertation, we present three control and optimization tools to help to overcome these challenges and improve the sustainability of electric power systems. The first tool is a new dynamic contract approach for direct load control that can manage the financial risks of utilities and customers, where the risks are generated by uncertain renewable generation. The key feature of the proposed contract method is its risk-limiting capability, which is achieved by formulating the contract design problem as mean-variance constrained risk-sensitive control. To design a globally optimal contract, we develop a dynamic programming solution method based on a novel dynamical system approach to track and limit risks. The performance of the proposed contract framework is demonstrated using data from the Electricity Reliability Council of Texas. The second tool is developed for combinatorial decision-making under system interdependencies, which are inherent in interconnected loads and power networks. For such decision-making problems, which can be formulated as optimization of combinatorial dynamical systems, we develop a linear approximation method that is scalable and has a provable suboptimality bound. The performance of the approximation algorithm is illustrated in ON/OFF control of interconnected supermarket refrigeration systems. The last tool seeks to provide a personalized control mechanism for electric loads, which can play an important role in demand-side management. We integrate Gaussian progress regression into a model predictive control framework to learn the customer's preference online and automatically customize the controller of electric loads that directly affect the customer's comfort. Finally, we discuss several future research directions in the operation of sustainable cyber-physical systems, including a unified risk management framework for electricity markets, a selective optimal control mechanism for resilient power grids, and contract-based modular management of cyber-physical infrastructure networks.
Designing Competitive Electricity Markets
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Author : Hung-po Chao
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-01
Designing Competitive Electricity Markets written by Hung-po Chao and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-01 with Business & Economics categories.
The authors are prominent economists, operation researchers, and engineers who have been instrumental in the development of the conceptual framework for electric power restructuring both in the United States and in other countries. Rather than espousing a particular market design for the industry's future, each author focuses on an important issue or set of issues and tries to frame the questions for designing electricity markets using an international perspective. The book focuses on the economic and technical questions important in understanding the industry's long-term development rather than providing immediate answers for the current political debates on industry competition.
Regulation Of The Power Sector
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Author : Ignacio J. Pérez-Arriaga
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-02-26
Regulation Of The Power Sector written by Ignacio J. Pérez-Arriaga and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-26 with Business & Economics categories.
Regulation of the Power Sector is a unified, consistent and comprehensive treatment of the theories and practicalities of regulation in modern power-supply systems. The need for generation to occur at the time of use occasioned by the impracticality of large-scale electricity storage coupled with constant and often unpredictable changes in demand make electricity-supply systems large, dynamic and complex and their regulation a daunting task. Arranged in four parts, this book addresses both traditional regulatory frameworks and also liberalized and re-regulated environments. First, an introduction gives a full characterization of power supply including engineering, economic and regulatory viewpoints. The second part presents the fundamentals of regulation and the third looks at the regulation of particular components of the power sector in detail. Advanced topics and subjects still open or subject to dispute form the content of Part IV. In a sector where regulatory design is the key driver of both the industry efficiency and the returns on investment, Regulation of the Power Sector is directed at regulators, policy decision makers, business managers and researchers. It is a pragmatic text, well-tested by the authors’ quarter-century of experience of power systems from around the world. Power system professionals and students at all levels will derive much benefit from the authors’ wealth of blended theory and real-world-derived know-how.