NDLI: Pricing uncertainties and inter-temporal constraints: By whom, to whom and how much?

Content Provider	IEEE Xplore Digital Library
Author	Ilic, M.D.
Copyright Year	2011
Description	Author affiliation: Departments of Electrical and Computer Engineering (ECE) and Engineering Public Policy (EPP) at Carnegie Mellon University (Ilic, M.D.)
Abstract	This paper recognizes that short-run marginal cost-based electricity pricing must be revisited. This is primarily because the effects of information asymmetries and diverse technical characteristics and preferences in a system with very little storage are no longer second order. We review three possible implementations of electricity markets that account for these effects. These are fully centralized unit commitment, distributed unit commitment and a hybrid unit commitment. The locational marginal prices (LMPs) obtained are quite different than the short run marginal costs of the power plants. A major recommendation is made that these differences and effects be accounted for as policy is designed for managing uncertainties and inter-temporal constraints and for valuing their effects on pricing. In particular, design of IT-enabled rules, rights and responsibilities (3Rs) for managing and valuing the effects of uncertainties is suggested to be essential. Possible 3Rs for supporting interactive integration of wind power and adaptive load management in systems with large wind penetration are used to illustrate proof-of-concept implementation of such systems without reliability problems. We recommend to pursue studies of the 3Rs impact on the performance of real-world electric energy systems.
Starting Page	1
Ending Page	7
File Size	427567
Page Count	7
File Format	PDF
ISBN	9781457710001
ISSN	19449925
e-ISBN	9781457710025
e-ISBN	9781457710018
DOI	10.1109/PES.2011.6039901
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2011-07-24
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Uncertainty Reliability Wind power generation Electricity supply industry Electricity Decision making
Content Type	Text
Resource Type	Article

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