Title :
Monte Carlo selection of the bilateral contracts in the Italian power Exchange
Author :
Berizzi, A. ; Bovo, C. ; Delfanti, M. ; Pasquadibisceglie, M.S.
Author_Institution :
Dipt. di Elettrotecnica, Politecnico di Milano
Abstract :
In the Italian electricity market, the bilateral contracts are granted a scheduling priority within the market clearing process: for this reason, in order to perform a detailed market simulation, it is necessary to focus the attention also on the selection of the plants involved in the bilateral transactions. In this paper, a Monte Carlo approach is followed, based on two weights related to both the production cost and the curtailment risk. The choice of the most suitable set of weights is performed by a comparison between a market simulation run with the contracts and one run without the contracts
Keywords :
Monte Carlo methods; contracts; power markets; power system economics; risk management; Italian power exchange; Monte Carlo approach; bilateral contracts; electricity market; production cost; scheduling priority; Contracts; Costs; Economic forecasting; Electricity supply industry; Monte Carlo methods; Power markets; Power systems; Production; Random processes; Testing; Bilateral Contracts; Day-ahead energy market; Monte Carlo method;
Conference_Titel :
Probabilistic Methods Applied to Power Systems, 2006. PMAPS 2006. International Conference on
Conference_Location :
Stockholm
Print_ISBN :
978-91-7178-585-5
DOI :
10.1109/PMAPS.2006.360217
