• Title/Summary/Keyword: Electricity Market

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Forecasting Short-term Electricity Prices in South Korean Electricity Market (한국전력시장에서의 단기전력가격 예측)

  • Chae, Yeoung-Jin;Kim, Doo-Jung;Kim, Eun-Soo
    • Proceedings of the KIEE Conference
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    • 2008.11a
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    • pp.83-85
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    • 2008
  • The authors develop and compare the performance of short-term forecasting models on electricity market prices in Korea. The models are based on time-series methods. The outcome shows that the EGARCH model has the best results in the out-of-sample forecasts.

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Novel Continuous Auction Algorithm with Congestion Management for the Japanese Electricity Forward Market

  • Marmiroli Marta;Yokoyama Ryuichi
    • Journal of Electrical Engineering and Technology
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    • v.1 no.1
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    • pp.1-7
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    • 2006
  • In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.

Modeling New Generation Expansion Planning Problems for Applications in Competitive Electric Power Industries (전력시장에 적용 가능한 새로운 전원개발계획문제 모델링)

  • 김진호;박종배;박준호
    • The Transactions of the Korean Institute of Electrical Engineers A
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    • v.53 no.9
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    • pp.521-528
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    • 2004
  • The demise of the native franchise markets and the emergence of competitive markets in electricity generation service is substantially altering the way that operation and planning activity is conducted and is making it increasingly difficult for market participants such as generation firms to prospect the future electricity markets. Traditional generation expansion planning (GEP) problems which centrally determine the least-cost capacity addition plan that meets forecasted demand within pre-specified reliability criteria over a planning horizon (typically 10 to 20 years) is becoming no more valid in competitive market environments. Therefore, it requires to develop a new methodology for generation investments, which is applicable to the changed electric industry business environments and is able to address the post-privatization situation where individual generation firms seek to maximize their return on generation investments against uncertain market revenues. This paper formulates a new generation expansion planning problem and solve it in a market-oriented manner.

The Study on the Development of Electricity Market System and Resource Adequacy (전력시장제도 발전 및 공급안정성 확보 방안에 관한 연구)

  • Park, Jong-Bae;Lee, Joo-Won;Shin, Joong-Rin;Kim, Kwang-In
    • Proceedings of the KIEE Conference
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    • 2008.11a
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    • pp.423-425
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    • 2008
  • This paper presents a study on the development of the electricity market system and resource adequacy. Recently the market system and the power supply-demand system has limitations of evolution which has to be complementary developed by the changes of the power system environment. In this paper we proposed a fundamental step-by-step progress direction for our electricity market system and the supply-demand system by using the Korean power industry environment and overseas resource adequacy systems.

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Analysis on Demand Response Aggregator in Electricity Market (수요관리사업자가 수요반응 전력시장에 미치는 영향 분석)

  • Lee, Kwang-Ho
    • The Transactions of The Korean Institute of Electrical Engineers
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    • v.66 no.8
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    • pp.1181-1186
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    • 2017
  • The purpose of Demand Response is to reduce the cost of excessive resources and equipment by spontaneous load reductions at peak loads. Having enough power consumers participating in these schemes is key to achieving the goal. Demand Response Aggregator (DRA) is responsible for recruiting demand resources and managing them to participate in reducing the load. DRAs change the price elasticity of demand functions by providing incentives to demand response, thereby affecting price formation in the electricity market. In this paper, this process is modeled to analyze the relationship between DRA's strategic bidding and market outcomes and load reductions. It analyzes the results by applying to competition between DRAs, competition between DR and Gencos, and coexistence of DR load and non-DR load. It is noteworthy that we have found a phenomenon called the Balloon Effect.

A Nash Bargaining Solution of Electric Power Transactions Embedding Transmission Pricing in the Competitive Electricity Market

  • Kang, Dong-Joo;Kim, Balho H.;Chung, Koo-Hyung;Moon, Young-Hwan
    • KIEE International Transactions on Power Engineering
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    • v.3A no.1
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    • pp.42-46
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    • 2003
  • The economic operation of a utility in a deregulated environment brings about optimization problems different from those in vertically integrated one[1]. While each utility operates its own generation capacity to maximize profit, the market operator (or system operator) manages and allocates all the system resources and facilities to achieve the maximum social welfare. This paper presents a sequential application of non-cooperative and cooperative game theories in analyzing the entire power transaction process.

A Study on the Selection of a Bidding Parameter at the Bidding Function Model in an Electricity Market (공급함수 입찰모형에서 입찰파라미터 선택에 관한 연구)

  • Cho Cheol Hee;Choi Seok Keun;Lee Kwang Ho
    • Proceedings of the KIEE Conference
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    • summer
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    • pp.710-712
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    • 2004
  • Generation companies(Genco) submit the supply functions as a bidding function to a bid market in a competitive electricity market. The profits of Gencos vary in accordance with the bid functions, so the selection of a bidding function plays a key role in increasing their profits. This paper presents an analysis of the selection of the supply function from the viewpoint of Nash equilibrium(NE). Four types of bidding function parameters are used for analizing the electricity market. The competition of selecting bidding parameters is modeled as subgame and overall game in this research. The NEs in both game are computed by using analytic method and payoff matrix method. It is verified in case studies for the NE of overall game to satisfy the equilibrium condition.

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An Efficient Revenue/Profit Evaluation Method Based on Probabilistic Production Costing Technique (확률적 운전비계산 모형에 기초한 발전기 수입/순익 평가 방법론 개발)

  • 박종배;신중린;김민수;전영환
    • The Transactions of the Korean Institute of Electrical Engineers A
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    • v.51 no.12
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    • pp.638-646
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    • 2002
  • This paper presents an efficient algorithm for evaluating the Profit and revenue of generating units in a competitive electricity market based on the probabilistic production costing technique. The accurate evaluation of the profit and revenue of generating units for long-term perspectives is one of the most important issues in a competitive electricity market environment. For efficient calculation of the profit and revenue of generating units under the equivalent load duration curve(ELDC), a new approach to figure out the marginal plants and the corresponding market clearing prices during a time period in a probabilistic manner is developed. The mathematical formulation and illustrative application of the suggested method is presented.

A Study on Long-term Electricity Market Analysis Technique Using P-POOL (P-POOL 모형을 이용한 장기 전력시장 분석 방법론 연구)

  • Park, Jong-Bae;Kim, Min-Soo;Shin, Joong-Rin;Kim, Chang-Soo;Rhee, Chang-Ho
    • Proceedings of the KIEE Conference
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    • 2002.07a
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    • pp.398-400
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    • 2002
  • This paper presents long-term electricity market analysis simulation considering Genco's strategy using P-POOL. In the competitive electricity market, system operation and/or market operation is highly depended on the participants' intention and his planning. We focus on the Genco's strategy, including maintenance scheduling and bidding strategy. And we represent his profit using 3-Bus sample system.

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Strategy Equilibrium in Stackelberg Model with Transmission Congestion in Electricity Market

  • Lee, Kwang-Ho
    • Journal of Electrical Engineering and Technology
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    • v.9 no.1
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    • pp.90-97
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    • 2014
  • Nash Cournot Equilibrium (NCE) has been widely used in a competitive electricity market to analyze generation firms' strategic production quantities. Congestion on a transmission network may lead to a mixed strategy NCE. Mixed strategy is complicated to understand, difficult to compute, and hard to implement in practical market. However, Stackelberg model based equilibrium does not have any mixed strategy, even under congestion in a transmission line. A guide to understanding mixed strategy equilibrium is given by analyzing a cycling phenomenon in the players' best choices. This paper connects the concept of leader-follower in Stackelberg model with relations between generation firms on both sides of the congested line. From the viewpoint of social welfare, the surplus analysis is presented for comparison between the NCE and the Stackelberg equilibrium (SE).