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Optimization of Forward Electricity Markets Considering Wind Generation and Demand Response

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3 Author(s)
Jiankang Wang ; Massachusetts Inst. of Technol., Cambridge, MA, USA ; Kennedy, S.W. ; Kirtley, J.L.

This paper presents a new two-step design approach of forward electricity markets, which is highly penetrated with intermittent energy sources, such as wind power, and Demand Response (DR) programs. First, an optimal market timeframe is determined that balances between generation forecast accuracy and customers' responding flexibility, in order to achieve a minimum system cost in forward and reserve energy markets. The timeframe obtained is used as a known parameter in the subsequent design of forward market price. End users' scheduling strategies modeled by price elasticity matrices along with current system conditions are considered in the price calculation process, during which the system cost of the forward energy market is minimized.

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Smart Grid, IEEE Transactions on  (Volume:5 ,  Issue: 3 )