A novel method for the clearing of a day-ahead electricity market with mixed pricing rules

Dourbois, Grigoris A.; Biskas, Pandelis N.

doi:10.1109/ptc.2017.7981100

Cited by 6 publications

(12 citation statements)

References 3 publications

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“…The heteroscedastic pattern may express instability and uncertainty in the financial and money-based markets due to a shift in governments' economic policies and the currency exchange between countries. 27,28 The underlying assumption factor is that the "ε t " variance relates to" ε 2 t−1 . The term of error ε t , bounded to the period (t − 1), is distributed in followed style:…”

Section: Methodsmentioning

confidence: 99%

“…However, the larger (closer to one) the persistence coefficient value, the more slowly the shock on volatility dissipates. 22,24,[26][27][28][29][30][31][32][33][34] Complementarily, this article aims to determine the presence of the "asymmetric volatility" and "verify the presence of leverage effect" using TARCH and EGARCH. We can represent the asymmetric conditional variance by the following variation of the GARCH (1,1) model, known as a TARCH (1,1) model as follows 35,36 :…”

Section: Methodsmentioning

confidence: 99%

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Retracted: The impact of COVID‐19 on the electricity sector in Spain: An econometric approach based on prices

Norouzi

Rubens

Enevoldsen

et al. 2020

Intl J of Energy Research

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According to the World Health Organization (WHO), the COVID-19 pandemic has been the greatest challenge to humanity since World War II. Spain is one of the countries experiencing severe consequences from the COVID-19 pandemic outbreak. In such a situation, when the population is quarantined, hospitals are crowded, and industries are shutting down; energy supply becomes a critical and "hard to predict" service. In this way, the study of the impact of COVID-19 on the selling price of electricity in Spain is highlighted more comprehensively. Given the high level of uncertainty in global energy markets, there is a research gap that needs to be filled, that is, the creation of new decision support mechanisms that can reduce risks and ensure more significant forecasting for investments and energy management to deal with seemingly unprecedented effects experienced through the current pandemic. This study

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Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Retracted: The impact of COVID‐19 on the electricity sector in Spain: An econometric approach based on prices

Norouzi

Rubens

Enevoldsen

et al. 2020

Intl J of Energy Research

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“…In the latter case, an iterative process is implemented which involves an initial MILP problem to handle block orders, followed by a mixed-complementarity problem to deal with the UPP. Reference [36] uses a complementarity approach to clear a market with block and complex orders, which is extended to UPP in [37], where in both cases a heuristic process is used to handle paradoxical orders. Reference [38] proposes a bilevel model to clear a UPP market with simple stepwise orders, where the objective function maximize the surplus of the consumers.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In (38), the terms π t u g tk D max tk and ζ ti u g tk D max tk involve the products of a binary variable and a continuous variable, and can be handled as shown in (36)- (37). Furthermore, due to (9) and (13), the terms d w tk and d d tk refers to at-the-money UPP orders, where π t = P d tk , by definition.…”

Section: The Final Milp Modelmentioning

confidence: 99%

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A new approach to electricity market clearing with uniform purchase price and curtailable block orders

et al. 2018

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The European market clearing problem is characterized by a set of heterogeneous orders and rules that force the implementation of heuristic and iterative solving methods. In particular, curtailable block orders and the uniform purchase price pose serious difficulties. A block order spans over multiple hours, and can be either fully accepted or fully rejected. The uniform purchase price prescribes that all consumers pay a common price in all the zones, while producers receive zonal prices, which can differ from one zone to another.The market clearing problem in the presence of both the uniform purchase price and block orders is a major open issue in the European context. The uniform purchase price scheme leads to a non-linear optimization problem involving both primal and dual variables, whereas block orders introduce multi-temporal constraints and binary variables into the problem. As a consequence, the market clearing problem in the presence of both block orders and the uniform purchase price can be regarded as a non-linear integer programming problem involving both primal and dual variables with complementary and multi-temporal constraints.The aim of this paper is to present a non-iterative and heuristic-free approach for solving the market clearing problem in the presence of both curtailable block orders and the uniform purchase price scheme. The solution is exact, with no approximation up to the level of resolution of current market data. By resorting to an equivalent uniform purchase price formulation, the proposed approach results in a mixed-integer linear program, which is built starting from a non-linear integer bilevel programming problem. Numerical results using real market data are reported to show the effectiveness of the proposed approach. The model has been implemented in Python, and the code is freely available on a public repository.

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Algorithm design for European electricity market clearing with joint allocation of energy and control reserves

Divenyi

Polgari

Sleisz

et al. 2019

International Journal of Electrical Power & Energy Systems

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A novel method for the clearing of a day-ahead electricity market with mixed pricing rules

Cited by 6 publications

References 3 publications

Retracted: The impact of COVID‐19 on the electricity sector in Spain: An econometric approach based on prices

Retracted: The impact of COVID‐19 on the electricity sector in Spain: An econometric approach based on prices

A new approach to electricity market clearing with uniform purchase price and curtailable block orders

Algorithm design for European electricity market clearing with joint allocation of energy and control reserves

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