Abstract
This work proposes a pricing mechanism for multi-stage electricity markets that does not explicitly depend on the choice of dispatch procedure or optimization method. Our approach is applicable to a wide range of methodologies for the economic dispatch of power systems under uncertainty, including multi-interval dispatch, multi-settlement markets, scenario-based dispatch, and chance-constrained dispatch policies. We prove that our pricing scheme provides both ex-ante and expost dispatch-following incentives by simultaneously supporting per-stage and ex-post competitive equilibria. In numerical experiments on a ramp-constrained test system, we demonstrate the benefits of scheduling under uncertainty and show how our price decomposes into components corresponding to energy, intertemporal coupling, and uncertainty.
Original language | English |
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Title of host publication | 2023 62nd IEEE Conference on Decision and Control (CDC) |
Subtitle of host publication | [Proceedings] |
Publisher | Institute of Electrical and Electronics Engineers Inc. |
Pages | 1580-1587 |
Number of pages | 8 |
ISBN (Electronic) | 9798350301243 |
ISBN (Print) | 9798350301250 |
DOIs | |
Publication status | Published - 2024 |
Event | 62nd IEEE Conference on Decision and Control, CDC 2023 - Singapore, Singapore Duration: 13 Dec 2023 → 15 Dec 2023 |
Publication series
Name | Proceedings of the IEEE Conference on Decision and Control |
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ISSN (Print) | 0743-1546 |
ISSN (Electronic) | 2576-2370 |
Conference
Conference | 62nd IEEE Conference on Decision and Control, CDC 2023 |
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Country/Territory | Singapore |
City | Singapore |
Period | 13/12/23 → 15/12/23 |
Bibliographical note
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