Hybrid Bottom-Up/Top-Down Modeling of Prices in Deregulated Wholesale Power Markets

Tipping, James; Read, E. Grant

doi:10.1007/978-3-642-12686-4_8

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Statistical Models1

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2012

2015

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Cited by 3 publications

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“…Although releases represent actions of the generators, they are influenced by storage levels to the extent that one can derive reasonable statistical models that represent this (see e.g. Tipping and Read, 2010). In other words high storage levels tend to give large releases and low storage levels give small releases.…”

Section: Statistical Modelsmentioning

confidence: 99%

An Electricity Procurement Model with Energy and Peak Charges

Philpott¹,

Pritchard²

2012

Stochastic Programming

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SummaryWe describe a model developed to help minimize the energy procurement costs of a New Zealand process industry that is a high user of electricity. The model accounts for stochastic prices that depend on the hydrological state of the electricity system, as well as transmission charges that are incurred during coincident electricity peaks. We describe how these are modelled and derive a stochastic dynamic programming algorithm that is used to arrange production to meet demand while minimizing the expected costs of electricity procurement.

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Section: Statistical Modelsmentioning

confidence: 99%