Probability-Weighted LMP and RCP for Day-Ahead Energy Markets using Stochastic Security-Constrained Unit Commitment: Preprint

Research output: Contribution to conferencePaper

Abstract

Variable renewable generation resources are increasing their penetration on electric power grids. These resources have weather-driven fuel sources that vary on different time scales and are difficult to predict in advance. These characteristics create challenges for system operators managing the load balance on different timescales. Research is looking into new operational techniques andstrategies that show great promise on facilitating greater integration of variable resources. Stochastic Security-Constrained Unit Commitment models are one strategy that has been discussed in literature and shows great benefit. However, it is rarely used outside the research community due to its computational limits and difficulties integrating with electricity markets. This paper discusses howit can be integrated into day-ahead energy markets and especially on what pricing schemes should be used to ensure an efficient and fair market.
Original languageAmerican English
Number of pages8
StatePublished - 2012
Event12th International Conference on Probabilistic Methods Applied to Power Systems - Istanbul, Turkey
Duration: 10 Jun 201214 Jun 2012

Conference

Conference12th International Conference on Probabilistic Methods Applied to Power Systems
CityIstanbul, Turkey
Period10/06/1214/06/12

NREL Publication Number

  • NREL/CP-5500-53524

Keywords

  • electricity markets
  • power system economics
  • power system operations
  • unit commitment
  • wind generation

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