Optimal price and quantity determination for retail electric power contracts

Optimal price and quantity determination for retail electric power contracts

Considering the viewpoint of a retailer, this paper analyzes the problem of setting up contracts on both the supplier and end-user sides to maximize profits while maintaining an acceptable level of settlement risk. The proposed stochastic optimization model can assist retailers with these efforts an...

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Veröffentlicht in:IEEE transactions on power systems 2006-02, Vol.21 (1), p.180-187
Hauptverfasser: Gabriel, S.A., Conejo, A.J., Plazas, M.A., Balakrishnan, S.
Format: Artikel
Sprache:eng
Schlagworte:
Acceptability
Collaborative work
Contract design
Contracts
Design optimization
Electric power generation
electricity market
Electricity supply industry
Electricity supply industry deregulation
End users
mixed-integer nonlinear programming
Optimization
Power supplies
retailer viewpoint
Risk analysis
Settlements
stochastic optimization
Stochastic processes
Stochasticity
Suppliers
Turning
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Beschreibung
Zusammenfassung:Considering the viewpoint of a retailer, this paper analyzes the problem of setting up contracts on both the supplier and end-user sides to maximize profits while maintaining an acceptable level of settlement risk. The proposed stochastic optimization model can assist retailers with these efforts and guide them in their contractual arrangements. A realistic example illustrates the capabilities of the methodology proposed.
ISSN:0885-8950
1558-0679
DOI:10.1109/TPWRS.2005.860920