electricity market
A decision support procedure for the short-term scheduling problem of a generation company operating on day-ahead and physical derivatives electricity markets
Tue, 10/26/2010 - 11:24 — admin| Publication Type | Conference Paper |
| Year of Publication | 2009 |
| Authors | M.-Teresa Vespucci; Cristina Corchero; Mario Innorta; F.-Javier Heredia |
| Conference Name | 11th International Conference on the Modern Information Technology in the Innovation Processes of the Industrial Enterprises (MITIP 2009) |
| Series Title | Proceedings of the 11th International Conference on the Modern Information Technology in the Innovation Processes of the Industrial Enterprises (MITIP 2009) |
| Conference Date | 15-16/10/2009 |
| Conference Location | Bergamo, Italy |
| Type of Work | invited presentation |
| ISBN Number | 978-88-89555-09-05 |
| Key Words | research; hydro-thermal; futures; day-ahead; GAMS, CPLEX |
| Abstract | We consider a generation company operating in the liberalized electricity market, whose production system consists of hydro and thermal plants. Production is sold either directly to customers, by means of bilateral contracts, or on the spot market, where the electricity price is unknow until the market clearing process has taken place. Price risk may be hedged by financial tools provided by the Derivative Electricity Market. In this work futures contracts are considered, i.e. agreements to sell electricity in the future for a specified price. A Mixed Integer Linear Programming model is introduced for determining the unit commitment of thermal units and the dispatchment of available thermal units and hydro plants, aiming at maximizing profits. Numerical results on a case study are reported |
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Electricity Market Optimization: finding the best bid through stochastic programming.
Fri, 10/15/2010 - 17:49 — admin| Publication Type | Conference Paper |
| Year of Publication | 2010 |
| Authors | F.-Javier Heredia; Cristina Corchero; M.-Pilar Muñoz; Eugenio Mijangos |
| Conference Name | Conference on Numerical Optimization and Applications in Engineering (NUMOPEN-2010) |
| Conference Date | 13-15/10/2010 |
| Conference Location | Centre de Recerca Matemàtica. UAB. Barcelona, Spain. |
| Type of Work | Invited presentation |
| Key Words | research; electricity markets; stochastic programming; perspective cuts; TSFA; DPI2008-02153 |
| Abstract | The participation in national and international electricity markets has became a very complex decision making process. Electrical utilities participating in such liberalized market have to decide daily the operation, generation scheduling and optimal bid of each one of their generation units in several consecutives day-ahead markets. In the talk, we will describe the operation rules of the Iberian Electricity Market (MIBEL), how this operation can be mathematically modelled with the help of stochastic programming into large scale nonlinear integer problems and how these difficult optimization problems can be solved with specialised algorithms. Finally, the results found for several cases with real data of Spanish utilities and MIBEL market prices will be shown. |
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Optimal day-ahead bidding strategy in the MIBEL's multimarket energy production system
Thu, 07/29/2010 - 12:14 — admin| Publication Type | Report |
| Year of Publication | 2010 |
| Authors | Cristina Corchero; F.-Javier Heredia |
| Pages | 6 |
| Date | 07/2010 |
| Reference | Research report DR 2010/**, Dept. of Statistics and Operations Research. E-Prints UPC, http://hdl.handle.net/2117/8390. Universitat Politècnica de Catalunya |
| Prepared for | Published by the IEEE at the proceedings of the 7th Conference on European Energy Market EEM10, Madrid, Spain |
| Key Words | research; electricity markets; multimarkets; day-ahead market; intraday market; AGC market; stochastic programming |
| Abstract | A Generation Company (GenCo) can participate in the Iberian Electricity Market (MIBEL) through different mechanisms and pools: the bilateral contracts, the physical derivatives products at the Derivatives Market, the bids to the Day-Ahead Market, the Intraday Markets or the Ancillary Services Markets. From the short-term generation planning point of view, the most important problem to solve is the bidding strategy for the Day-Ahead Market (DAM) given that the 85% of the physical energy traded in Spain is negotiated in it, but this participation cannot be tackled independently of other subsequent markets. |
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Optimal day-ahead bidding strategy with futures and bilateral contracts. Scenario generation through factor models
Wed, 07/21/2010 - 15:14 — admin| Publication Type | Conference Paper |
| Year of Publication | 2010 |
| Authors | Cristina Corchero; F.-Javier Heredia; M.-Pilar Muñoz |
| Conference Name | 24th European Conference on Operational Research |
| Conference Date | 11-14/07/2010 |
| Conference Location | Lisboa |
| Type of Work | Invited Presentation |
| Key Words | research; electrical markets; stochastic programming; forecasting |
| Abstract | We propose a stochastic programming model that gives the optimal bidding, bilateral (BC) and futures contracts (FC) nomination strategy for a price-taker generation company in the MIBEL. The objective of the study is to decide the optimal economic dispatch of the physical FC and BC among the thermal units, the optimal bidding at day-ahead market (DAM) abiding by the MIBEL rules and the optimal unit commitment that maximizes the expected profits from the DAM. For the uncertainty characterization, we apply the methodology of factors models to forecast market prices in a short-term horizon. |
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7th Conference on the European Energy Market
Mon, 06/28/2010 - 16:10 — admin
The International Conference on the European Energy Market (EEM) is a premier forum to discuss the development of the energy sector in a market environment and the creation of the common European Energy Market.
The EEM 10 has been held in Madrid, Spain June 23-25 2010. Cristina Corchero, who is finishing her PhD on energy markets, and myself participated in the event with the presentation of the paper "Optimal Day-Ahead Bidding in the MIBEL's Multimarket Energy Production System", that will be published formerly by the IEEE Power and Energy Society at the IEEEXplore.
Optimal Day-Ahead Bidding in the MIBEL's Multimarket Energy Production System
Mon, 06/28/2010 - 15:17 — admin| Publication Type | Conference Paper |
| Year of Publication | 2010 |
| Authors | Cristina Corchero; F.-Javier Heredia |
| Conference Name | 7th Conference on European Energy Market EEM10 |
| Conference Date | 23-25/06/2010 |
| Conference Location | Madrid, Spain |
| Type of Work | Contributed Presentation |
| Key Words | research; multimarket; bilateral contracts; futures contracts; optimal bid; stochastic programming; MIBEL |
| Abstract | Abstract—A Generation Company (GenCo) can participate in the Iberian Electricity Market (MIBEL) through different mechanisms and pools: the bilateral contracts, the physical derivatives products at the Derivatives Market, the bids to the Day-Ahead Market, the Intraday Markets or the Ancillary Services Markets. From the short-term generation planning point of view, the most important problem to solve is the bidding strategy for the Day-Ahead Market (DAM) given that the 85% of the physical energy traded in Spain is negotiated in it, but this participation cannot be tackled independently of other subsequent markets. |
| URL | Click Here |
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Optimal Bidding Strategies for Thermal and Combined Cycle Units in the Day-ahead Electricity Market with Bilateral Contracts
Fri, 05/28/2010 - 09:58 — admin| Publication Type | Proceedings Article |
| Year of Publication | 2009 |
| Authors | Heredia, F.-Javier; Rider, Marcos.-J.; Corchero, C. |
| Conference Name | 2009 Power Engineering Society General Meeting |
| Pagination | 1-6 |
| Conference Start Date | 26/07/2010 |
| Publisher | IEEE |
| Conference Location | Calgary |
| ISSN Number | 1944-9925 |
| ISBN Number | 978-1-4244-4241-6 |
| Key Words | research; Electricity spot-market; bilateral contracts; combined cycle units; optimal bidding strategies; short-term electricity generation planning; stochastic programming; paper |
| Abstract | This paper developed a stochastic programming model that integrated the most recent regulation rules of the Spanish peninsular system for bilateral contracts in the day-ahead optimal bid problem. Our model allows a price-taker generation company to decide the unit commitment of the thermal and combined cycle programming units, the economic dispatch of the BC between all the programming units and the optimal sale bid by observing the Spanish peninsular regulation. The model was solved using real data of a typical generation company and a set of scenarios for the Spanish market price. The results are reported and analyzed. |
| URL | Click Here |
| DOI | 10.1109/PES.2009.5275680 |
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Optimal Bidding Strategies for Thermal and Generic Programming Units in the Day-Ahead Electricity Market
Fri, 03/19/2010 - 16:00 — admin| Publication Type | Journal Article |
| Year of Publication | 2010 |
| Authors | Heredia, F.-J; Rider, M.-Julio; Corchero, C. |
| Journal Title | IEEE Transactions on Power Systems |
| Volume | 25 |
| Issue | 3 |
| Pages | 1504-1518 |
| Start Page | 1504 |
| Journal Date | Aug. 2010 |
| Publisher | IEEE Power & Energy Society |
| ISSN Number | 0885-8950 |
| Key Words | research; paper; bilateral contracts; electricity spot market; optimal bidding strategies; short-term electricity generation planning; stochastic programming; virtual power plant auctions |
| Abstract | This study has developed a stochastic programming model that integrates the day-ahead optimal bidding problem with the most recent regulation rules of the Iberian Electricity Market (MIBEL) for bilateral contracts (BC), with a special consideration for the new mechanism to balance the competition of the production market, namely virtual power plant (VPP) auctions. The model allows a price-taking generation company (GenCo) to decide on the unit commitment of the thermal units, the economic dispatch of the BCs between the thermal units and the generic programming unit (GPU), and the optimal sale/purchase bids for all units (thermal and generic), by observing the MIBEL regulation. The uncertainty of the spot prices has been represented through scenario sets built from the most recent real data using scenario reduction techniques. The model has been solved using real data from a Spanish generation company and spot prices, and the results have been reported and analyzed. |
| URL | Click Here |
| DOI | 10.1109/TPWRS.2009.2038269 |
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A decision support procedure for the short-term scheduling problem of a generation company operating on day-ahead and physical derivatives electricity markets
Mon, 02/15/2010 - 15:42 — admin| Publication Type | Proceedings Article |
| Year of Publication | 2009 |
| Authors | M.-Teresa Vespucci; Cristina Corchero; Mario Innorta; F.-Javier Heredia |
| Conference Name | 11th International Conference on the Modern Information Technology in the Innovation Processes of the Industrial Enterprises (MITIP 2009) |
| Series Title | Proceedings of the 11th International Conference on the Modern Information Technology in the Innovation Processes of the Industrial Enterprises (MITIP 2009) |
| Conference Start Date | 15-16/10/2009 |
| Conference Location | Bergamo, Italy |
| ISBN Number | ISBN 978-88-89555-09-05 |
| Key Words | research; hydro-thermal; futures; day-ahead; GAMS, CPLEX; paper |
| URL | Click Here |
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Optimal Bidding Strategies for Thermal and Combined Cycle Units in the Day-ahead Electricity Market with Bilateral Contracts
Tue, 09/08/2009 - 10:28 — admin| Publication Type | Conference Paper |
| Year of Publication | 2009 |
| Authors | Heredia, F.-Javier; Rider, Marcos.-J.; Corchero, C. |
| Conference Name | 2009 Power Engineering Society General Meeting |
| Series Title | Proceedings of the Power Engineering Society General Meeting, 2009. IEEE |
| Volume | 1 |
| Pagination | 1-6 |
| Conference Date | 26-30/07/2009 |
| Publisher | IEEE |
| Conference Location | Calgary, Alberta, Canada |
| Editor | IEEE |
| Type of Work | Contributed oral presentation |
| ISSN Number | 1944-9925 |
| ISBN Number | 978-1-4244-4241-6 |
| Key Words | research; stochastic programming; electricity markets; day-ahead market, bilateral contracts; Combined Cycle Units; optimal bid |
| Abstract | This paper developed a stochastic programming model that integrated the most recent regulation rules of the Spanish peninsular system for bilateral contracts in the dayahead optimal bid problem. Our model allows a price-taker generation company to decide the unit commitment of the thermal and combined cycle programming units, the economic dispatch of the BC between all the programming units and the optimal sale bid by observing the Spanish peninsular regulation. The model was solved using real data of a typical generation company and a set of scenarios for the Spanish market price. The results are reported and analyzed. |
| URL | Click Here |
| DOI | 10.1109/PES.2009.5275680 |
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