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Pricing Electricity in Pools With Wind Producers

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4 Author(s)
Morales, J.M. ; Tech. Univ. of Denmark, Lyngby, Denmark ; Conejo, A.J. ; Kai Liu ; Jin Zhong

This paper considers an electricity pool that includes a significant number of wind producers and is cleared through a network-constrained auction, one day in advance and on an hourly basis. The hourly auction is formulated as a two-stage stochastic programming problem, where the first stage represents the clearing of the market and the second stage models the system operation under a number of plausible wind production realizations. This formulation co-optimizes energy and reserve, and allows deriving both pool energy prices and balancing energy prices. These prices result in both cost recovery for producers and revenue reconciliation. A case study of realistic size is used to illustrate the functioning of the proposed pricing scheme.

Published in:

Power Systems, IEEE Transactions on  (Volume:27 ,  Issue: 3 )