Strategic evaluation of bilateral contract for electricity retailer in restructured power market

Karandikar, R. G.; Khaparde, S.A.; Kulkarni, S.V.

doi:10.1016/j.ijepes.2009.09.018

Cited by 63 publications

(32 citation statements)

References 12 publications

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“…Considering the wholesale market, Day-ahead Market (DAM) [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28], Real Time Market (RTM) [17][18][19][20][21][22][23][24][25][26][27][28][29], Reserve Market (RM) [15,21,22] and Intraday Market (IDM) [20] are the most common markets used by retailers to purchase their obligated energy. Moreover, regarding the wholesale contracts, future contracts [17,26,29], forward contracts [16,18,23,30], call option [23,30] and swing contracts [25,28] are typically used in different studies of retail market. In addition to the large-scale power production facilities which participate in the wholesale market, some retailers prefer to procure some parts of their electrical energy through bilateral contracts signed with small-scale power generators.…”

Section: Energy Management In Retail Electricity Marketmentioning

confidence: 99%

“…In the literature about the energy management in retail electricity markets, there are many different research studies which consider the retailers as a price-taker agent [21][22][23][24][25][26][27][28][29]. Price-taker retailers (PTR) and price-maker retailers (PMR) are exposed to different sources of uncertainty.…”

Section: Price-maker and Price-taker Retailersmentioning

confidence: 99%

“…The most common way to model the problem with uncertain variables is the stochastic programming. Regarding the retail problem, many research studies use stochastic programming approach to model the problem mathematically [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29]. Instead of the stochastic programming, some papers, especially in recent years, have concentrated on Information Gap Decision Theory (IGDT) [16] and robust optimization approach [31] to model the retail problem.…”

Section: Mathematical Modelingmentioning

confidence: 99%

“…In addition, Risk Adjusted Return on Capital (RAROC) and Cash Flow at Risk (CFaR) are the other important risk assessment approaches which are used by some energy service companies [26].…”

Section: Risk Analysismentioning

confidence: 99%

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Retail Energy Management in Electricity Markets: Structure, Challenges and Economic Aspects- a Review

Golmohamadi

Keypour

2017

Technol Econ Smart Grids Sustain Energy

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In the rapidly growing global energy consumption, electrical energy plays the important role. Environmental concerns about air pollution, fossil fuels depletion and energy crisis have led policy makers of energy systems to increase the portion of electricity in the energy portfolio. On the other hand, economic crises, especially in recent years, have increased the electricity price. With decreased purchasing power, end-use consumers are encouraged to participate in Demand Side Management (DSM) programs, e.g. Demand Response Programs (DRPs), to decrease their electricity bills. In such situation, retail energy management attracts attention in both development and improvement. This paper reviews the concept of retail energy management in modern structure of electricity markets. The objectives of this study are: a) review techno-economic studies in the literature to identify the main structure of retail energy management; b) review the different retail market studies for assessing economic performance; c) present a comprehensive evaluation about the role of DRPs in retail energy management; d) carry out an extensive survey of optimization approaches, mathematical modeling and optimization software about the retail energy management. This paper provides a template for market participants to optimize energy management in the retail side of electricity markets. The proposed structure encourages the efficient development of retail electricity market while eliminating

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Section: Energy Management In Retail Electricity Marketmentioning

confidence: 99%

Section: Price-maker and Price-taker Retailersmentioning

confidence: 99%

Section: Mathematical Modelingmentioning

confidence: 99%

“…In addition, Risk Adjusted Return on Capital (RAROC) and Cash Flow at Risk (CFaR) are the other important risk assessment approaches which are used by some energy service companies [26].…”

Section: Risk Analysismentioning

confidence: 99%

See 2 more Smart Citations

Retail Energy Management in Electricity Markets: Structure, Challenges and Economic Aspects- a Review

Golmohamadi

Keypour

2017

Technol Econ Smart Grids Sustain Energy

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“…In the direct purchase transaction, bilateral contract transactions have become a research hotspot in the electricity market field [7][8][9]. Many researchers have proposed different methods to formulate optimal bilateral contracts among retailers and generators, such as mathematical program with equilibrium constraints [10] and stochastic linear programming [11].…”

Section: Introductionmentioning

confidence: 99%

Game-Theoretic Optimization of Bilateral Contract Transaction for Generation Companies and Large Consumers with Incomplete Information

Tang

Ling

Wei

et al. 2017

Entropy

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Bilateral contract transaction among generation companies and large consumers is attracting much attention in the electricity market. A large consumer can purchase energy from generation companies directly under a bilateral contract, which can guarantee the economic interests of both sides. However, in pursuit of more profit, the competitions in the transaction exist not only between the company side and the consumer side, but also among generation companies. In order to maximize its profit, each company needs to optimize bidding price to attract large consumers. In this paper, a master-slave game is proposed to describe the competitions among generation companies and large consumers. Furthermore, a Bayesian game approach is formulated to describe the competitions among generation companies considering the incomplete information. In the model, the goal of each company is to determine the optimal bidding price with Bayesian game; and based on the bidding price provided by companies and the predicted spot price, large consumers decide their personnel purchase strategy to minimize their cost. Simulation results show that each participant in the transaction can benefit from the proposed game.

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Modeling of retailer's behavior for participation in the capacity market

Jalili

Eslami

Moghaddam

et al. 2019

Int Trans Electr Energ Syst

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Summary Due to economic reasons, only way for demand side management resources participation in capacity market is their participation by load serving entities, energy service companies, or retailers. To achieve the optimal participation of retailers in the capacity market, it is crucial to model the effective parameters in retailers’ behavior model and how they trade with the independent system operator and the consumers. So a novel method is proposed in this paper for modeling retailers’ behavior, considering demand side management resources availability for their participation in long term commitments. The capacity product of the retailer and its behavior are comprehensively modeled to trade in the capacity market. The competition of retailers is also considered and its effects on the profit of the retailer and consumers are analyzed. A genetic algorithm has been used to solve this problem due to its ability for solving large‐scale real nonlinear Non‐deterministic Polynomial‐time hard (NP‐hard) optimization problems.

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Strategic evaluation of bilateral contract for electricity retailer in restructured power market

Cited by 63 publications

References 12 publications

Retail Energy Management in Electricity Markets: Structure, Challenges and Economic Aspects- a Review

Retail Energy Management in Electricity Markets: Structure, Challenges and Economic Aspects- a Review

Game-Theoretic Optimization of Bilateral Contract Transaction for Generation Companies and Large Consumers with Incomplete Information

Modeling of retailer's behavior for participation in the capacity market

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