Naslov
Combined bidding at power and ancillary service markets

Autori
Virag, Ana ; Jokić, Andrej ; Hermans, R.M. ; Bosch, P.P.J. van den

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

Izvornik
Proceedings of the 8th International Conference on the European Energy Market 2011 / - , 2011

Skup
International Conference on the European Energy Market 2011

Mjesto i datum
Zagreb, Hrvatska, 25.05.2011. - 27.05.2011

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
power markets; ancillary services; bidding; optimmization; economy

Sažetak
Power and ancillary service markets are strongly coupled. However, at the moment auctions are organized in such a manner that the coupling is not taken into account. Every market participant submits bids at power and/or AS markets without possibility to adjust with respect to the outcome of the other market. Inexact approximations of the actual market price induce deviations from the optimal social welfare value. In this paper, we firstly describe and analyze the consequences of power and ancillary service market coupling. Secondly, we present two different market design strategies, both of which are based on the idea of iterative auction and have the goal to optimally account for power and AS coupling, enabling the overall system to maximize its social welfare. An illustrative example is used to present potential benefits and downsides that might arise as a result of introducing proposed market arrangements.

Izvorni jezik
Engleski

Znanstvena područja
Elektrotehnika, Temeljne tehničke znanosti, Ekonomija

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