NDLI: A strategic production costing model for electricity market price analysis

Content Provider	IEEE Xplore Digital Library
Author	Batlle, C. Barquin, J.
Copyright Year	1969
Abstract	Production costing models (PCMs) have been extensively used to analyze traditional power systems for decades. These tools are based on the costs of production, but in oligopolistic electricity markets market prices can not be explained attending just to marginal costs but instead bid prices have to be considered, since market participants seize their dominant position in the market looking for higher profits. Thus, the merit order composition criteria applied in traditional PCMs has to be somehow reconsidered in order to be able to represent the agents' strategic bidding. The objective of the strategic production costing model (SPCM) presented in this paper is to evolve the PCM approach to adapt it to the actual wholesale electricity markets without losing its typical advantages. The generalization proposed allows to represent an oligopolistic hydrothermal electricity market and provides the system price-duration curve as well as the income and expected costs of every generating agent. Compared with other oligopolistic models, the main advantage of the SPCM is its potential computational speed, which makes it very suitable for risk analysis studies that require considering a large number of scenarios.
Sponsorship	IEEE Power Engineering Society
Starting Page	67
Ending Page	74
Page Count	8
File Size	244736
File Format	PDF
ISSN	08858950
Volume Number	20
Issue Number	1
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2005-02-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Production Costing Electricity supply industry Power system modeling Phase change materials Costs Risk analysis Power markets Power generation economics Power system analysis computing risk analysis Marginal price strategic behavior oligopolistic markets power system modeling
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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