NDLI: Pricing algorithms for the day-ahead electricity market with flexible consumer participation

Content Provider	IEEE Xplore Digital Library
Author	Dalkilic, O. Candogan, O. Eryilmaz, A.
Copyright Year	2013
Description	Author affiliation: Dept. of Electr. & Comput. Eng., Ohio State Univ., Columbus, OH, USA (Dalkilic, O.; Eryilmaz, A.)
Abstract	In this paper, we consider the design of the day-ahead market for the smart electrical grid. Consumers with flexible demand and generator companies participate in the market to settle on their load and supply schedules, respectively. The market is operated by an Independent System Operator (ISO) whose purpose is to maximize social welfare while keeping load and supply balanced in the electricity network. We develop two distributed pricing algorithms that achieve optimum welfare. The first algorithm yields time-dependent market prices under convexity assumptions on utility and cost functions and the second algorithm yields bundle prices for arbitrary utility and cost functions. In both algorithms, flexible consumers and generator companies simply determine their own schedules based on the prices updated by the ISO at each iteration. We show that the participation of flexible demand in the day-ahead market reduces supply volatility, which would be present when flexible demand does not take part in price setting procedure.
Starting Page	369
Ending Page	374
File Size	496411
Page Count	6
File Format	PDF
ISBN	9781479900558
e-ISBN	9781479900565
DOI	10.1109/INFCOMW.2013.6562890
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-04-14
Publisher Place	Italy
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Schedules ISO Pricing Companies Cost function Electricity supply industry Generators
Content Type	Text
Resource Type	Article

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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