Combined bidding at power and ancillary service markets

Virag, Ana and Jokić, Andrej and Hermans, R.M. and Bosch, P.P.J. van den (2011) Combined bidding at power and ancillary service markets. = Combined bidding at power and ancillary service markets. In: International Conference on the European Energy Market 2011, 25-27.05.2011., Zagreb, Hrvatska.

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Abstract

Power and ancillary service markets are strongly coupled. However, at the moment auctions are organized in such a manner that the coupling is not taken into account. Every market participant submits bids at power and/or AS markets without possibility to adjust with respect to the outcome of the other market. Inexact approximations of the actual market price induce deviations from the optimal social welfare value. In this paper, we firstly describe and analyze the consequences of power and ancillary service market coupling. Secondly, we present two different market design strategies, both of which are based on the idea of iterative auction and have the goal to optimally account for power and AS coupling, enabling the overall system to maximize its social welfare. An illustrative example is used to present potential benefits and downsides that might arise as a result of introducing proposed market arrangements.

Item Type:	Conference or Workshop Item (Lecture)
Keywords (Croatian):	power markets; ancillary services; bidding; optimmization; economy
Subjects:	TECHNICAL SCIENCE > Electrical Engineering TECHNICAL SCIENCE > Basic technical sciences SOCIAL SCIENCES > Economy
Divisions:	900 Department of Robotics and Production System Automation > 910 Chair of Engineering Automation
Indexed in Web of Science:	No
Indexed in Current Contents:	No
Date Deposited:	24 Apr 2017 08:43
Last Modified:	19 Nov 2018 16:05
URI:	http://repozitorij.fsb.hr/id/eprint/7713

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