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New methods for electric energy contract decision making

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4 Author(s)
Chen-Ching Liu ; Dept. of Electr. Eng., Washington Univ., Seattle, WA, USA ; Song, H. ; Lawarree, J. ; Dahlgren, R.

This paper is a summary of our research on contract decision making in a competitive electricity market. Bidding decision in a spot market is formulated as a Markov decision process that can be used to determine the price and amount of electricity for a supplier. Pricing in a bilateral market is calculated using the no-arbitrage principle and stochastic optimization. We also propose a method to minimize the uncertainty of profit

Published in:

Electric Utility Deregulation and Restructuring and Power Technologies, 2000. Proceedings. DRPT 2000. International Conference on

Date of Conference:

2000