By Topic

Reliability differentiated real-time pricing of electricity

Sign In

Cookies must be enabled to login.After enabling cookies , please use refresh or reload or ctrl+f5 on the browser for the login options.

Formats Non-Member Member
$33 $13
Learn how you can qualify for the best price for this item!
Become an IEEE Member or Subscribe to
IEEE Xplore for exclusive pricing!
close button

puzzle piece

IEEE membership options for an individual and IEEE Xplore subscriptions for an organization offer the most affordable access to essential journal articles, conference papers, standards, eBooks, and eLearning courses.

Learn more about:

IEEE membership

IEEE Xplore subscriptions

2 Author(s)
Siddiqi, S.N. ; Dept. of Electr. & Comput. Eng., Texas Univ., Austin, TX, USA ; Baughman, M.L.

Optimal resource planning and power dispatch models (from a societal welfare point of view) imply an optimal pricing policy, which is referred to here as reliability differentiated real-time pricing or, in short, reliability differentiated pricing. This pricing scheme combines real-time pricing and priority pricing with reliability differentiation based on consumer outage costs. This pricing policy is analyzed. The model used in the analysis is developed with particular emphasis on consumer behavior and welfare effects. The implications of the model for the pricing of spinning reserve and firm capacity, as well as for revenue reconciliation, are examined. It is concluded that such a pricing scheme will in general result in greater attainable welfare than either the real-time pricing or priority pricing paradigms. Moreover, it results in the maximum attainable welfare for the system with revenue reconciliation and provides an optimal pricing scheme for spinning revenue and firm capacity

Published in:

Power Systems, IEEE Transactions on  (Volume:8 ,  Issue: 2 )