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New price system to mitigate marginal price volatility in electricity markets

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2 Author(s)
Reta, R. ; Univ. Nac. de San Juan, San Juan, Argentina ; Vargas, A.

Price systems based on the marginal cost theory are used in many electricity power markets. In the last years, some power markets have changed regulations in order to mitigate marginal prices volatility. New regulations have been adopted arbitrary price caps or have been changed the methodology to compute nodal marginal prices, for example, without considering transmission network constraints. Nodal prices computed without network constraints neglect market signals due to network congestion. The objective of this work is to present a new price system, based on the marginal cost theory, which mitigates price volatility. The method recovers extra generation costs caused by network constraints, by means of the congestion rents. The resulting nodal prices are less volatile and preserve somehow the congestion market signals related to new generation location and demand behavior.

Published in:

Latin America Transactions, IEEE (Revista IEEE America Latina)  (Volume:9 ,  Issue: 5 )

Date of Publication:

Sept. 2011

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