• Title/Summary/Keyword: Reserve price

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Operation Planning of Reserve in Microgrid Considering Market Participation and Energy Storage System

  • Lee, Si Young;Jin, Young Gyu;Kim, Sun Kyo;Yoon, Yong Tae
    • Journal of Electrical Engineering and Technology
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    • v.9 no.3
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    • pp.1089-1095
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    • 2014
  • Innumerable microgrids would be operated independently by individual operators in a future smart grid. This kind of decentralized power system requires entirely different operation scheme in the actual power system and electricity market operation. Especially, frequency regulation is very important for successive energy trade in this multi-microgrid circumstance. This paper presents an optimal energy and reserve market participation strategy and operation strategy of energy storage system (ESS) by a microgrid operator (MGO). For definite evaluation of the proposed strategy, we postulate that the MGO should participate in the Power Exchange for Frequency Control (PXFC) market, which was devised by Maria Ilic and her coworkers and is suitable to the decentralized operation circumstances. In particular, optimal reserve capacity of the frequency control market and optimal market participation ratio of ESS between frequency control market and energy market are derived theoretically and evaluated by simulations utilizing Nordic Pool Elspot price data.

Auction Prices Generation Agent Using Case-base Reasoning (사례 기반 추론에 의한 경매 가격 생성 에이전트)

  • Ko, Min-Jung;Lee, Yong-Kyu
    • The Journal of Society for e-Business Studies
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    • v.11 no.2
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    • pp.31-48
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    • 2006
  • Commercial internet auction systems have been successfully used recently. In those systems, because auction prices of auction items are given by sellers only, the success bid rate can be decreased due to the large difference between the reserve price and the normal price. In this paper, we propose an agent that generates auction prices to sellers based on past auction data and item prices gathered from the web Through performance experiments, we show that the successful bid rate increases by preventing sellers from making unreasonable reserve prices. Using the pricing agent, we design and implement an XML-based auction system on the web.

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Analysis of the Ripple Effect of the US Federal Reserve System's Quantitative Easing Policy on Stock Price Fluctuations (미국연방준비제도의 양적완화 정책이 주가 변동에 미치는 영향 분석)

  • Hong, Sunghyuck
    • Journal of Digital Convergence
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    • v.19 no.3
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    • pp.161-166
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    • 2021
  • The macroeconomic concept represents the movement of a country's economy, and it affects the overall economic activities of business, government, and households. In the macroeconomy, by looking at changes in national income, inflation, unemployment, currency, interest rates, and raw materials, it is possible to understand the effects of economic actors' actions and interactions on the prices of products and services. The US Federal Reserve System (FED) is leading the world economy by offering various stimulus measures to overcome the corona economic recession. Although the stock price continued to decline on March 20, 2020 due to the current economic recession caused by the corona, the US S&P 500 index began rebounding after March 23 and to 3,694.62 as of December 15 due to quantitative easing, a powerful stimulus for the FED. Therefore, the FED's economic stimulus measures based on macroeconomic indicators are more influencing, rather than judging the stock price forecast from the corporate financial statements. Therefore, this study was conducted to reduce losses in stock investment and establish sound investment by analyzing the FED's economic stimulus measures and its effect on stock prices.

A Study on Supplier's Bidding Strategies including Operating Reserve inan Electricity Market (발전 예비력을 포함한 전력시장에서의 공급자 입찰전략 연구)

  • Shin Jae Hong;Choi Seok Keun;Lee Kwang Ho
    • Proceedings of the KIEE Conference
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    • summer
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    • pp.713-715
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    • 2004
  • In an electricity market with an imperfect competition, participants make plans of biddings and transaction strategies to maximize their own profits. The market price and the quantity are concerned with the operation reserve as well as the bidding system and demand curves in an electricity market. This paper presents a model of the combined market , energy market and operating teserve market. The Nash equilibrium is analyzed by using a hi-level optimization , maximization of Social welfare (SW) and maximization of the producers' profits.

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Precontract Pricing considering Stochastic Demand (수요의 불확실성을 고려한 예약 요금제)

  • Jeong, Hae-Seong;Kim, Seong-Su;Park, Jong-Keun;Choi, Joon-Young;Hong, Jun-Hee;Rim, Seong-Hwang
    • Proceedings of the KIEE Conference
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    • 1995.07b
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    • pp.540-542
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    • 1995
  • When precontract pricing is applied, consumers must reserve expecting the amount of electricity to use. But Consumers expecting demand has stochastic property, expecting demand may be different from real demand. To prepare for this problem, spinning reserve is needed. Now I suggest new pricing system that someone has large variance and large elacity pays high price by the accumulated penalty factor. And I suggest the accumulated penalty factor for maximizing social welfare.

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The Transition of Production, Consumption and Price of Non-ferrous Metals (비철금속(非鐵金屬)의 생산(生産), 소비(消費), 시세(時勢)의 추이(推移))

  • Moon, W.J.
    • Economic and Environmental Geology
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    • v.2 no.3
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    • pp.1-25
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    • 1969
  • In considering the mining industry, it is necessary to study the production, consumption and price of ore and metals in every country of the world in order to determine the trend of the industry in the present and for the future. This study is necessary especially for exporting domestically produced are which is in excess of domestic consumption and for importing are, or metal where local production does not meet domestic demand. It will be treated of Au, Ag, Cu, Pb, Zn, W, Mo, which are the most important non-ferrous metals, and which greatly affect the mining industry of Korea. The presentation will concern itself only with the free world. About 1, 200 ton of gold are produced annually with little fluctiation in recent years. Most of the gold produced is consumed by advanced countries for industrial uses as well as for producing precious objects. The U.S.A. expends yearly about four times its domestic production and Japan about three times its domestic production for industry and arts. Because of the instability of the currency of the U.S.A., England and France, recently, the price of gold has been $ 41-42 per ounce, whereas the official price is $35.00 per ounce. It will be expected that the official price will be raised in the near future. As for silver, about 6,500 tons are produced annually with no special fluctuation change in recent years. However, the annual consumption is about 14,000 ton, so the supply and demand is extremely unbalanced. The shortage is made up by the sale of the U.S. treasury's reserve stock and the reclaiminig of silver from coins and other scrap. As the Treasury'S reserves will be exhausted in a year or two, the price of silver which is $1. 64 per ounce, will go up drastically in about a year. As for copper, 5,257,000 ton's were mined in 1966. It's production is being increased about 5% annually. However, consumption exceeds production by about 100,000 ton a year. The recent Foreign refinery copper price in the U.S.A is $ 60 per pound. The supply of copper being insufficient to meet international demands, the price will go up and with no prospect of being lowered in the near future even with the slight annual increase in production. About 2,100,000 to 2,200,000 tons of lead are produced annually. Consumption exceeds production by about 50,000-60,000 tons annually. The current price of lead in New York is $ 155 per pound. As the supply of lead is internationally stable, It will be believed that there will be no significant change in its price in the near future. In 1967, 3,926,000 tons of Zinc were produced. There is annual increase of 4-7% in production. The annual consumption exceeds production by 100,000 to 200,000 tons. The current zinc price in the St. Louis market inthe U.S.A. is $ 145 per pound. Even though its supply is stable and sufficient world wide, the consumption rate will increase at a faster pace than before; hence, the price will slowly go up. Tungsten mines yield about 11,000 tons a year. Its production has been relatively constant in the past few years. The amount of its consumption increases slowly world wide, but in the free world· there has been a slight annual decrease. However, since Red China has not been exporting their tungsten to other countries for several months, the price on the London market of S.T.U. of $Wo_3$ has increased to $ 44~46. Should Red China begin to export actively again the price will drop to $ 40~42. In 1967, 56,000 tons of Molybdenum were produced. Production exceeds consumption by 200,000 -30,000 tons annually. The current price in the U.S.A. is $ 1.72 per Mo pound. Since the rate of production in the U.S.A. is on the increase with large amounts of ore reserve, the price of molubdenum should not go up.

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Global Energy Trend and Evolution of NOCs

  • Kim, Hee-Jip
    • Journal of Energy Engineering
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    • v.16 no.2
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    • pp.53-57
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    • 2007
  • High oil prices and high demand supporting IOC move to frontier and NOC evolution. Most frontier area reserves are in NOC territory. IOCs need to be able to manage relationships with NOCs in order to be successful. They need to tune into what NOC priorities are. NOCs have different priorities depending on whether they are resource rich or resource poor. IOCs need to recognize $NOCs^{\circ}{\emptyset}$ priorities and differentiate themselves by using them when talking to NOCs.

Sellers' Strategies in Online Auctions : Effect of Starting Bids and Buy-It-Now Options on Auction Outcomes (인터넷 경매 판매자의 판매전략이 경매 성과에 미치는 영향 : 시작가와 즉시구매옵션을 중심으로)

  • Lee, Ho-Mu;Yoo, Ji-Hye;Ahn, Byong-Hun
    • Journal of the Korean Operations Research and Management Science Society
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    • v.32 no.1
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    • pp.15-26
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    • 2007
  • This study analyzes revenue-maximizing strategies of online auction sellers in terms of setting up starting bids and buy-it-now options. To this end, a series of field experiments is conducted where women's hair accessories of unique designs are listed in an established online auction site. The results of the experiments argue that high starting bids could increase sellers' revenue while buy-it-now options have no significant effects. Our findings suggest that online auction sellers listing items with uncertain demand - mainly individual sellers - should be cautious with auction tips which generally support low starting buds.

Economic Dispatch of Thermal Units of a GENCO Using the Gradient Projection Method (경사 투영법을 이용한 발전사업자의 경제급전)

  • 정정원
    • The Transactions of the Korean Institute of Electrical Engineers A
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    • v.52 no.9
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    • pp.550-556
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    • 2003
  • Price-based unit commitment is one of bidding strategies which a Genco may take in a practical manner. For that purpose, it is required for a Genco to decide output levels of its generators at each trade period. In this paper, an economic dispatch of thermal units is proposed considering the quantity of reserve contracts. A gradient projection algorithm is adopted as an optimization tool. A direct form of a projection matrix without any calculation of matrix inverse and multiplications is induced. Besides, it is proved that there is no need to check one of the two optimality conditions in the gradient projection method, which also requires matrix inverse and multiplications.

An Integrated Analysis of Recent Changes in Year-on-Year Consumer Price Index and Aggregate Import Price Index in Republic of Korea through Statistical Inference

  • Seok Ho CHANG;Soonhui LEE
    • Asia-Pacific Journal of Business
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    • v.14 no.1
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    • pp.365-379
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    • 2023
  • Purpose - Our previous study (Chang & Lee, 2023) presented observations on the recent changes in the year-on-year (YoY) Consumer Price Index (CPI) of the Republic of Korea (ROK) after the COVID-19 pandemic. The purpose of this article is to present an integrated analysis and interpretation of the recent changes in CPI and the Aggregate Import Price Index (IPI) by incorporating recent data, specifically data from September 2022 to December 2022. Design/methodology/approach - This study collected CPI (YoY) data in the ROK from January 2019 to December 2022 using e-National Indicator System provided by the ROK. Statistical analysis was employed to analyze the data. Findings - First, we confirm the extended results of the existing study by Chang and Lee (2023). Second, we demonstrate that the Aggregate IPI in ROK increased significantly in 2022 compared to 2021. We then provide an integrated interpretation on the significant increase in CPI and aggregate IPI in ROK, which complements Chang and Lee (2023) that limits their discussion to YoY CPI. Moreover, we show that the IPI of the semiconductor in ROK decreased significantly in 2022 compared to 2021. Research implications or Originality - Our results provide important insights into the recent changes in the CPI in the ROK. The results suggest that these changes can be partially attributed to various factors, such as the global supply chain disruptions resulting from the spread of the COVID-19 pandemic and the prolonged war between Russia and Ukraine, the side effect of quantitative easing by the US Federal Reserve, heat waves and droughts caused by climate change in ROK, a surge in demand following a gradual daily recovery, US-China trade conflict, etc. Our study shows statistically comprehensive results compared to the studies that limit their discussion to YoY average growth rate.