Naslov
Electricity Spot Market Simulation Involving Bilateral Contracts Hedging

Autori
Knežević, Goran ; Nikolovski, Srete ; Marić, Predrag

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
2011 8th International Conference on the European Energy Market (EEM) / Marko Delimar - Zagreb, 2011, 122-127

ISBN
978-1-61284-284-4

Skup
8th International Conference on the European Energy Market (EEM11), 2011

Mjesto i datum
Zagreb, Hrvatska, 25.05.2011. - 27.05.2011

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
spot electricity market; bilateral contract; market simulation; production strategies

Sažetak
The traditional electric companies operated as a regulated monopoly are separated in those for generation(GenCo), transmission (TransCo) and distribution (DisCo).Demand companies (DemCo), ISO (Independent system operator), and regulator are new companies which enable function of restructured electricity market. Regarding the time dimension, wholesale electricity markets are divided into the two groups: spot market and bilateral electricity market. A bilateral contract is an agreement between two parties to exchange electric power under a set of the specified conditions such as MW amount, time of delivery, duration, and price. Forward contract price predictability is the great advantage to spot price volatility, contracted parties are in that way hedged against such a risk, but the forward contracted price may be disadvantageous compared to the spot price. Generator and load can conclude a mutually beneficial and risk tolerable forward contract. In order to investigate GenCo strategies and possible benefit of bilateral agreement for two agents, model of electricity market with 6 GenCos and 5 DemCos is made in EMCAS. Three scenarios are simulated: first one is the base case where all GenCos are applying production cost strategy ; in second case one GenCo is applying price-probing strategy ; third scenario is case where bilateral forward agreement is conclude between one GenCo and one DemCo. Comparisons of the results are presented.

Izvorni jezik
Engleski

Znanstvena područja
Elektrotehnika

POVEZANOST RADA