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Stability Analysis of Wholesale Electricity Markets under Dynamic Consumption Models and Real-Time Pricing
[article]
2017
arXiv
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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
2017
2017 American Control Conference (ACC)
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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
2010
49th IEEE Conference on Decision and Control (CDC)
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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
2010
2010 First IEEE International Conference on Smart Grid Communications
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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
2017
Energies
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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
2012
IEEE Transactions on Power Systems
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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
2017
Journal of the Operational Research Society
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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]
2011
arXiv
pre-print
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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
2014
Abstract and Applied Analysis
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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
2012
Smart Grid and Renewable Energy
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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
2020
Energy Reports
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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
2007
4OR
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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
2015
IET Renewable Power Generation
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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
2016
Australian Economic Review
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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
2011
IEEE Conference on Decision and Control and European Control Conference
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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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