Consumer payment minimization in power pool auctions

Hao, Shangyou; Angelidis, G.A.; Singh, Harry; Papalexopoulos, A.D.

doi:10.1109/pica.1997.599427

Cited by 34 publications

(48 citation statements)

References 9 publications

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“…The beginning part and the ending part can be represented by different slopes to relate the different rates of cost changes. Where Hi t = the total hours of service during period t. H t service = the total patient during period t. C S i,t = The start cast of service for I unit of patient in time t. Using optimization principle in two steps [7], the value of λ t which moves q (λ) towards a large Value and assuming the value of λ t as calculated as fixed, then the minimum of L is calculated by adjusting the values of H t and U t . In a regulated system, a central coordinator with all the cast curves of services F (Hi t , Ui t ) available performs the optimization represented in figure (1.2).…”

Section: 2: Existing Modeling Methodsmentioning

confidence: 99%

The Interconnection of Medicals and Distribution of Services for Doctors Using the Principle of Petri Net

Sarangi¹

2012

IOSRJEN

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Abstract:The Petri net model presented in this paper focuses on the modeling and the simulation of the medicals bidding behavior and the service system dispatch by the doctors. Where Petri net models capture its stochastic and distributed characteristics. A hybrid multilayer Petri net market simulator, which combines the modeling of physical, owes and information owes, is proposed. The base layer is the physical layer, where the service transmission networks are modeled. On top of it are information layers modeling information owes which schedule the physical owes via discrete tokens. In between, there is an interface layer coded as programs and functioning as a control agent. Colored Petri nets are used to simulate the information layer, in which the uncertainties presented in the decision making process during the bidding and the parallel behaviors of the bidders are modeled. An extension of continuous Petri nets, called a Variable Arc Weighting Petri net (VAWPN), is introduced to simulate the physical layer, in which vector tokens are used to match the information owes to the physical owes and distribution factors are used to obey the physical laws of the service. The market simulator consists of three major modules: the ISO module, the Medical Organization (MO) module and the Load module. The Independent System Operator (ISO) module simulates the priority-based service distribution process following a Location based Marginal Pricing (LMP) scheme. In addition to allowing the medical bids to be functions of price, the algorithm also accepts load bids as functions of price. Bidding strategies are developed for various types of medicals, based on which a medical organization module is developed to provide medical bids to the ISO module. With the price feedback from the ISO module, the MO module can allow the bidders to adjust their bids or switch bidding strategies. The Time Sharing Entity (TSE) model develops load bids to the ISO model. TSE are considered to be either an aggregated demand or price sensitive block bids depending on the situation studied. Impacts of medical bidding strategies on the market clearing prices (MCP) are discussed based on the simulation results. Future research directions in this area are also addressed. Key words: VAWPN, TSE, MCP, MO, DAM, RTM & LMP 1: IntroductionThis paper reviews the existing modeling methods for medical service systems and the topics relevant to the research. The motivation for the deregulated service in medical system in details, the reason that Petri nets were selected as our approach to model the scheduling of doctors problem of an open access hospital management. The objective of this paper is to build a multi layer Petri net model to model and simulate the deregulated medical services. A new type of Petri net model called Variable Arc Weighting Petri net (VAWPN) is used to model the physical layer, which consists of the medical systems physical infrastructure like equipments, no of beds, different field expertise doctors and the location of the medical. The ...

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Section: 2: Existing Modeling Methodsmentioning

confidence: 99%

The Interconnection of Medicals and Distribution of Services for Doctors Using the Principle of Petri Net

Sarangi¹

2012

IOSRJEN

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“…7 By minimizing analytically [17, pp. 395-397], the relaxed problem is formed as (10) (11) The augmented Lagrangian is inseparable because of the cross product terms of MCP and and between elements of .…”

Section: A Augmented Lagrangianmentioning

confidence: 99%

“…While methods for minimizing offer costs abound, limited approaches have been reported for payment cost minimization. Most of the papers on payment cost minimization mathematically formulate the problem and use illustrative examples to demonstrate that it can reduce procurement costs but present no solution methodology [5], [7], [8], [11]. The only paper that presented a solution methodology was based on forward dynamic programming [10], but the author acknowledges that the method is not suited for large-scale problems because of the curse of dimensionality.…”

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confidence: 99%

Payment Cost Minimization Auction for Deregulated Electricity Markets Using Surrogate Optimization

Luh

Blankson

Chen

et al. 2006

IEEE Trans. Power Syst.

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Abstract-Deregulated electricity markets use an auction mechanism to select offers and their power levels for energy and ancillary services. A settlement mechanism is then used to determine the payments resulting from the selected offers. Currently, most independent system operators (ISOs) in the United States use an auction mechanism that minimizes the total offer costs but determine payment costs using a settlement mechanism that pays uniform market clearing prices (MCPs) to all selected offers. Under this setup, the auction and settlement mechanisms are inconsistent since minimized costs are different from payment costs. Illustrative examples in the literature have shown that for a given set of offers, if an auction mechanism that directly minimizes the payment costs is used, then payment costs can be significantly reduced as compared to minimizing offer costs. This observation has led to discussions among stakeholders and policymakers in the electricity markets as to which of the two auction mechanisms is more appropriate for ISOs to use. While methods for minimizing offer costs abound, limited approaches for minimization of payment costs have been reported. This paper presents an effective method for directly minimizing payment costs. In view of the specific features of the problem including the nonseparability of its objective function, the discontinuity of offer curves, and the maximum term in defining MCPs, our key idea is to use augmented Lagrangian relaxation and to form and solve offer and MCP subproblems by using the surrogate optimization framework. Numerical testing results demonstrate that the method is effective, and the resulting payment costs are significantly lower than what are obtained by minimizing the offer costs for a given set of offers.Index Terms-Augmented Lagrangian relaxation, deregulated electricity markets, market clearing price (MCP), offer cost minimization, payment cost minimization, surrogate optimization.

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“…Modeling and solving the bid selection process by the ISO has been discussed in [1], [2] and [3]. In [4], bids are selected to minimize total system costs while the Market Clearing Price (MCP) is determined as the price of the highest accepted bid. In [5], [7] and [8] a bidclearing system is presented.…”

mentioning

confidence: 99%

Dispatching power and ancillary services in autonomous network-based power systems

Agovic

Jokic²,

Bosch³

2005

2005 International Conference on Future Power Systems

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DisclaimerThis document contains a student thesis (bachelor's or master's), as authored by a student at Eindhoven University of Technology. Student theses are made available in the TU/e repository upon obtaining the required degree. The grade received is not published on the document as presented in the repository. The required complexity or quality of research of student theses may vary by program, and the required minimum study period may vary in duration.

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Consumer payment minimization in power pool auctions

Cited by 34 publications

References 9 publications

The Interconnection of Medicals and Distribution of Services for Doctors Using the Principle of Petri Net

The Interconnection of Medicals and Distribution of Services for Doctors Using the Principle of Petri Net

Payment Cost Minimization Auction for Deregulated Electricity Markets Using Surrogate Optimization

Dispatching power and ancillary services in autonomous network-based power systems

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