NDLI: Bilateral contract correction and cancellation in the competitive electricity markets

Content Provider	IEEE Xplore Digital Library
Author	Palamarchuk, S.
Copyright Year	2009
Description	Author affiliation: Energy Systems Institute, Irkutsk, 664033 Russia (Palamarchuk, S.)
Abstract	Bilateral forward contracts are widely applied in the electricity markets. Conclusion of bilateral contracts bears certain risks due to price and demand uncertainty. Both contract parties forecast price levels in the spot market and electricity demand. Both parties estimate expected profits (or losses) from caring out the contract and participation in the spot market. It is important to correct the contract in time. The paper considers the sequence of actions to be implemented for contract correction. The statements of optimization problems are given for decision making on contract correction and cancellation. The statements take into account financial compensation for another party in the case of prescheduled contract correction or cancellation. Numerical example illustrates applicability of the proposed procedures for decision making.
Starting Page	1
Ending Page	5
File Size	99745
Page Count	5
File Format	PDF
ISBN	9781424422340
DOI	10.1109/PTC.2009.5282170
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2009-06-28
Publisher Place	Romania
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Electricity supply industry Economic forecasting Forward contracts Decision making Weather forecasting Uncertainty Energy consumption Power supplies Power system management Power system security contract correction electricity market bilateral contracts delivery scheduling
Content Type	Text
Resource Type	Article

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