A Monte Carlo model for calculating spot market prices of electricity

The authors describe a model for calculating the spot price of electricity of a typical electric power system. The model combines economic dispatch calculations with loadflow and customer response functions in a Monte Carlo simulation model. The model contributes to the implementation of spot prices...

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Veröffentlicht in:	IEEE transactions on power systems 1992-05, Vol.7 (2), p.584-590
Hauptverfasser:	Baughman, M.L., Lee, W.W.
Format:	Artikel
Sprache:	eng
Schlagworte:	296000 - Energy Planning & Policy- Electric Power Applied sciences CALCULATION METHODS Cost function Economic forecasting ELECTRIC POWER Electrical engineering. Electrical power engineering Electrical power engineering ENERGY PLANNING, POLICY AND ECONOMY Exact sciences and technology Fuels MARKET MONTE CARLO METHOD Monte Carlo methods Operation. Load control. Reliability POWER Power engineering and energy Power engineering computing Power generation economics Power networks and lines Power system modeling POWER SYSTEMS PRICES Pricing SPOT MARKET Supply and demand
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Beschreibung
Zusammenfassung:	The authors describe a model for calculating the spot price of electricity of a typical electric power system. The model combines economic dispatch calculations with loadflow and customer response functions in a Monte Carlo simulation model. The model contributes to the implementation of spot prices by providing a practical means of evaluating the spot price of a typical electric power system. It offers several different approaches for calculating generation curtailment premiums and transmission congestion charges. The model formulation is presented and its application is illustrated with case study results.< >
ISSN:	0885-8950 1558-0679
DOI:	10.1109/59.141763