By Topic

On ex post pricing in the real-time electricity market

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)

Summary form only given: This paper proposes a new framework in calculating the ex post prices for the spot electricity market. The proposed method finds a set of prices that are as consistent as possible with the actual outputs of resources correctly following their dispatch instructions. Two alternative consistency metrics are proposed in the paper. One measures the difference between the actual performance of an individual resource and its bid-based profit-maximizing response to the ex post prices in a perfectly competitive market. Another measures the difference between the ex post price and the price that supports the actual response of an individual resource. Compared to the existing approaches adopted in the real-time electricity markets in the US, the proposed method solves the ex post energy and ancillary service prices directly and simultaneously. It does not require heuristics that are hard to justify, and has a much clear definition for the pricing problem than the existing approaches do. Moreover, the proposed approach is flexible in the price control required by the market operators. Numerical examples are presented to further demonstrate the validity of this approach.

Published in:

Power Systems Conference and Exposition (PSCE), 2011 IEEE/PES

Date of Conference:

20-23 March 2011