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Stability Analysis of Wholesale Electricity Markets under Dynamic Consumption Models and Real-Time Pricing [article]

Datong P. Zhou, Mardavij Roozbehani, Munther A. Dahleh, Claire J. Tomlin
2017 arXiv   pre-print
This paper analyzes stability conditions for wholesale electricity markets under real-time retail pricing and realistic consumption models with memory, which explicitly take into account previous electricity  ...  Under mild assumptions on the generation cost of electricity and consumers' backlog disutility functions, we show that, for consumer models with price memory only, market stability is achieved if the ratio  ...  ANALYSIS OF MARKET STABILITY A. Stability Under Static Consumption Model We assume a static utility and cost function of the consumer and producer, respectively.  ... 
arXiv:1609.06193v3 fatcat:2pvhikajpzgolm2553oqr3rl64

Stability analysis of wholesale electricity markets under dynamic consumption models and real-time pricing

Datong P. Zhou, Mardavij Roozbehani, Munther A. Dahleh, Claire J. Tomlin
2017 2017 American Control Conference (ACC)  
This paper analyzes stability conditions for wholesale electricity markets under real-time retail pricing and realistic consumption models with memory, which explicitly take into account previous electricity  ...  Under mild assumptions on the generation cost of electricity and consumers' backlog disutility functions, we show that, for consumer models with price memory only, market stability is achieved if the ratio  ...  ANALYSIS OF MARKET STABILITY A. Stability Under Static Consumption Model We assume a static utility and cost function of the consumer and producer, respectively.  ... 
doi:10.23919/acc.2017.7963254 dblp:conf/amcc/ZhouRDT17 fatcat:gyzvnfkwuvczfeqiziegh2ywby

On the stability of wholesale electricity markets under real-time pricing

Mardavij Roozbehani, Munther Dahleh, Sanjoy Mitter
2010 49th IEEE Conference on Decision and Control (CDC)  
The paper proposes a mathematical model for the dynamic evolution of supply, demand, and clearing prices under a class of real-time pricing mechanisms characterized by passing on the real-time wholesale  ...  The effects that such mechanisms could pose on the stability and efficiency of the entire system is investigated and several stability criteria are presented.  ...  The organization of this paper is as follows. In Section II, we present a simple model for dynamic evolution of real-time wholesale electricity prices.  ... 
doi:10.1109/cdc.2010.5718173 dblp:conf/cdc/RoozbehaniDM10 fatcat:pbomngiydzevtpci2ndbschkoq

Dynamic Pricing and Stabilization of Supply and Demand in Modern Electric Power Grids

Mardavij Roozbehani, Munther Dahleh, Sanjoy Mitter
2010 2010 First IEEE International Conference on Smart Grid Communications  
In this paper, a mathematical model is developed for characterization of the dynamic evolution of supply, (elastic) demand, and market clearing (locational marginal) prices under real-time pricing.  ...  The paper proposes a mechanism for real-time retail pricing of electricity in smart power grids, with price stability as the primary concern.  ...  The implications and consequences of various forms of dynamic pricing such as Critical Peak Pricing, Time-of-Use Pricing, and Real-Time Pricing, have been investigated by many economists and regulatory  ... 
doi:10.1109/smartgrid.2010.5621994 fatcat:tzyop7i7lzh65hhu6phyivcgqi

Economic Dispatch with Demand Response in Smart Grid: Bargaining Model and Solutions

Kai Ma, Congshan Wang, Jie Yang, Qiuxia Yang, Yazhou Yuan
2017 Energies  
The utility companies can adjust the power consumption of customers by pricing strategy, such as time of use (TOU), critical peak pricing (CPP), and real-time pricing (RTP) that can match the supply with  ...  the electricity real-time balance.  ...  PT Pricing-taking. PA Price-anticipating. TOU Time of use. CPP Critical peak pricing. RTP Real-time pricing. NERC North American Electric Reliability Council.  ... 
doi:10.3390/en10081193 fatcat:p7j6rtfq3rarxp4fktyvoisiva

Volatility of Power Grids Under Real-Time Pricing

Mardavij Roozbehani, Munther A. Dahleh, Sanjoy K. Mitter
2012 IEEE Transactions on Power Systems  
The paper proposes a framework for modeling and analysis of the dynamics of supply, demand, and clearing prices in power systems with real-time retail pricing and information asymmetry.  ...  Characterized by passing on the real-time wholesale electricity prices to the end consumers, real-time pricing creates a closed-loop feedback system between the physical layer and the market layer of the  ...  real-time wholesale market prices.  ... 
doi:10.1109/tpwrs.2012.2195037 fatcat:lci7apdqbfcetjncucj4uadi6u

A literature review on dynamic pricing of electricity

Goutam Dutta, Krishnendranath Mitra
2017 Journal of the Operational Research Society  
This paper studies literature on various topics related to the dynamic pricing of electricity and lists future research avenues in pricing policies, consumers' willingness to pay and market segmentation  ...  Market segmentation can enhance the effects of such pricing schemes. Appropriate scheduling of electrical load enhances the consumer response to dynamic tariffs.  ...  Acknowledgements-The authors gratefully acknowledge financial support from Research and Publications Committee of Indian Institute of Management, Ahmedabad, and University Grants Commission, India.  ... 
doi:10.1057/s41274-016-0149-4 fatcat:crutzieecnfdtfjdiilgsrpvdm

Volatility of Power Grids under Real-Time Pricing [article]

Mardavij Roozbehani, Munther A Dahleh, Sanjoy K Mitter
2011 arXiv   pre-print
The paper proposes a framework for modeling and analysis of the dynamics of supply, demand, and clearing prices in power system with real-time retail pricing and information asymmetry.  ...  Real-time retail pricing is characterized by passing on the real-time wholesale electricity prices to the end consumers, and is shown to create a closed-loop feedback system between the physical layer  ...  CONCLUSIONS AND FUTURE WORK We investigated the effects of real-time pricing on the stability and volatility of electricity markets, and showed that exposing the retail consumers to the real-time wholesale  ... 
arXiv:1106.1401v1 fatcat:ylad6t2kc5elbkrg2ptdutamma

Real-Time Pricing Decision Making for Retailer-Wholesaler in Smart Grid Based on Game Theory

Yeming Dai, Yan Gao
2014 Abstract and Applied Analysis  
Real-time pricing DSM (demand side management) is widely used to dynamically change or shift the electricity consumption in the smart grid.  ...  The interaction between two retailers and their wholesaler is modeled as a two-stage game model.  ...  demand side price and wholesale market clearing price as a kind of ideal dynamic electricity price mechanism.  ... 
doi:10.1155/2014/708584 fatcat:fob46gk3zvc43avxiikmfmiag4

A More Renewable-Friendly Electrical Grid: Thermal Storage Refrigeration for Demand Response in California and Denmark

Kurt Kornbluth, John Cook, Paul Erickson
2012 Smart Grid and Renewable Energy  
In a hypothetical future scenario involving real-time pricing in the retail market, a high degree of price volatility would be needed to make TSR technology appealing to residential consumers.  ...  Using technical specifications from a TSR prototype developed at UC Davis and market data from California and Denmark, the analysis examines possible business models for the TSR refrigerators and highlights  ...  We would also like to acknowledge The UC Berkeley Energy Institute (UCEI), the Danish Ministry, and The Nevada Institute of Renewable Energy Commercialization (NIREC) for their support for this study.  ... 
doi:10.4236/sgre.2012.34042 fatcat:2ouwf3llbzfgjpyhy3eglcgina

Domestic space heating dynamic costs under different technologies and energy tariffs: Case study in Spain

O. Eguiarte, P. de Agustín-Camacho, A. Garrido-Marijuán, A. Romero-Amorrortu
2020 Energy Reports  
Along the season, the continuous changes in energy wholesale market prices and weather conditions make one heating technology and/or tariff more convenient each time.  ...  electricity tariff, dynamic time-of-use electricity tariff) for a typical home demand.  ...  This project has received funding from the European Union's Horizon 2020 research and innovation program under grant agreement No. 768614.  ... 
doi:10.1016/j.egyr.2020.11.112 fatcat:homdc7wonrgl3ivjeavf2rjssi

Dynamic pricing of electricity in retail markets

Chefi Triki, Antonio Violi
2007 4OR  
This paper aims at defining a dynamic and flexible tariff structure for a distribution company that protects the retail consumers against the excessive fluctuations of the wholesales market prices.  ...  We propose a two-stage pricing scheme that sets in a first-stage a time-of-use tariff that is corrected later by a dynamic component once the real-time demand has been observed.  ...  The model we are proposing in this paper is composed of two different components: the first one is based on a TOU scheme and the second one follows the real-time wholesale price.  ... 
doi:10.1007/s10288-007-0056-2 fatcat:bgvrbonkv5bclkgt2abdorvt5i

Keep it simple: time-of-use tariffs in high-wind scenarios

Philipp Grünewald, Eoghan McKenna, Murray Thomson
2015 IET Renewable Power Generation  
The authors simulate wholesale real-time prices for high-wind scenarios as a benchmark tariff.  ...  The load shifting and reduction behaviour observed under ToU trials could lower energy costs by between 4 and 6% without the need for complex price signals.  ...  The authors gratefully acknowledge data from the UK Meteorological Office, the National Centres for Environmental Prediction, Eirgrid Group, and the Irish Single Electricity Market Operator.  ... 
doi:10.1049/iet-rpg.2014.0031 fatcat:aunued7ebnhbfbhs6xr3dl3rcy

Australia's National Electricity Market: Optimising Policy to Facilitate Demand-Side Response

Tim Nelson, Fiona Orton
2016 Australian Economic Review  
Conversely, the wholesale electricity generation market is currently heavily oversupplied and savings for consumers are likely to be scarce.  ...  In this article, we outline the recent reductions in electricity sector capital productivity and higher end use prices.  ...  and NEM wholesale pricing (SA)Source: Analysis of AEMO data Correlation between household consumption and NEM wholesale pricing (VIC)Source: Analysis of AEMO data Correlation between household consumption  ... 
doi:10.1111/1467-8462.12151 fatcat:pfrj3pyoajdlzf37j5kikaw7nq

Wholesale energy market in a smart grid: Dynamic modeling and stability

Arman Kiani, Anuradha Annaswamy
2011 IEEE Conference on Decision and Control and European Control Conference  
Conditions under which stability of the market can be guaranteed are derived. Numerical studies are reported to illustrate the dynamic model, and its stability properties.  ...  In this paper, a dynamic model of the wholesale energy market due to the network constraints is derived.  ...  models [4] , gametheoretical formulations [5] , [6] , and dynamical modeling of supply, (elastic) demand, and real-time pricing [7] .  ... 
doi:10.1109/cdc.2011.6161681 dblp:conf/cdc/KianiA11 fatcat:bxiuxqs7ojh5hc3xuwmxzpngwu
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