DocumentCode :
3195599
Title :
On ex post pricing in the real-time electricity market
Author :
Zheng, Tongxin ; Litvinov, Eugene
fYear :
2011
fDate :
20-23 March 2011
Firstpage :
1
Lastpage :
1
Abstract :
Summary form only given: This paper proposes a new framework in calculating the ex post prices for the spot electricity market. The proposed method finds a set of prices that are as consistent as possible with the actual outputs of resources correctly following their dispatch instructions. Two alternative consistency metrics are proposed in the paper. One measures the difference between the actual performance of an individual resource and its bid-based profit-maximizing response to the ex post prices in a perfectly competitive market. Another measures the difference between the ex post price and the price that supports the actual response of an individual resource. Compared to the existing approaches adopted in the real-time electricity markets in the US, the proposed method solves the ex post energy and ancillary service prices directly and simultaneously. It does not require heuristics that are hard to justify, and has a much clear definition for the pricing problem than the existing approaches do. Moreover, the proposed approach is flexible in the price control required by the market operators. Numerical examples are presented to further demonstrate the validity of this approach.
Keywords :
power markets; pricing; ancillary service prices; bid-based profit; consistency metrics; ex post energy; ex post pricing; market operators; perfectly competitive market; price control; spot electricity market; Electricity supply industry; Measurement; Pricing; Real time systems;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Power Systems Conference and Exposition (PSCE), 2011 IEEE/PES
Conference_Location :
Phoenix, AZ
Print_ISBN :
978-1-61284-789-4
Electronic_ISBN :
978-1-61284-787-0
Type :
conf
DOI :
10.1109/PSCE.2011.5772444
Filename :
5772444
Link To Document :
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