Bidding Strategy for Day-Ahead and Real-Time Markets Based on Newsvendor Method in Electricity Markets

2010 ◽  
Author(s):  
Zhongping Wan ◽  
Heng Fan
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Bidding Strategy

Bidding strategy for risk-averse producers in transmission-constrained electricity markets

2015 ◽  
Author(s):  
Evaggelos G. Kardakos ◽  
Christos K. Simoglou ◽  
Stylianos I. Vagropoulos ◽  
Anastasios G. Bakirtzis
Keyword(s):  
Electricity Markets ◽  
Bidding Strategy ◽  
Risk Averse

scholarly journals Do Benefits from Dynamic Tariffing Rise? Welfare Effects of Real-Time Retail Pricing Under Carbon Taxation and Variable Renewable Electricity Supply

2019 ◽  
Vol 75 (1) ◽  
pp. 183-213
Author(s):  
Christian Gambardella ◽  
Michael Pahle ◽  
Wolf-Peter Schill
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Electricity Market ◽  
Wholesale Price ◽  
Price Volatility ◽  
Market Model ◽  
High Carbon ◽  
Welfare Gains ◽  
Retail Pricing ◽  
Carbon Taxation

AbstractWe analyze the gross welfare gains from real-time retail pricing in electricity markets where carbon taxation induces investment in variable renewable technologies. Applying a stylized numerical electricity market model, we find a U-shaped association between carbon taxation and gross welfare gains. The benefits of introducing real-time pricing can accordingly be relatively low at relatively high carbon taxes and vice versa. The non-monotonous change in welfare gains can be explained by corresponding changes in the inefficiency arising from “under-consumption” during low-price periods rather than by changes in wholesale price volatility. Our results may cast doubt on the efficiency of ongoing roll-outs of advanced meters in many electricity markets, since net benefits might only materialize at relatively high carbon tax levels and renewable supply shares.

A revenue-equivalence theorem for electricity auctions

2004 ◽  
Vol 41 (02) ◽  
pp. 299-312 ◽  
Author(s):  
Juri Hinz
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Real World ◽  
Electricity Market ◽  
Equivalence Theorem ◽  
Revenue Equivalence ◽  
The Real ◽  
Electricity Auctions ◽  
Key Features ◽  
Total Payment

The purpose of this paper is to analyse the real-time trading of electricity. We address a model for an auction-like trading which captures key features of real-world electricity markets. Our main result establishes that, under certain conditions, the expected total payment for electricity is independent of the particular auction type. This result is analogous to the revenue-equivalence theorem known for classical auctions and could contribute to an improved understanding of different electricity market designs and their comparison.

Impacts of Emission Trading on Optimal Bidding Strategies of Generation Companies in Day-Ahead Electricity Markets

2014 ◽  
Vol 521 ◽  
pp. 476-479 ◽  
Author(s):  
Guo Zhong Liu
Keyword(s):  
Electricity Markets ◽  
Electricity Market ◽  
Emissions Trading ◽  
Emission Trading ◽  
Distribution Functions ◽  
Bidding Strategy ◽  
Chance Constrained Programming ◽  
Optimization Approach ◽  
Generation Company ◽  
Optimal Bidding

The impacts of Emission trading on building the optimal bidding strategy for a generation company participating in a day-ahead electricity market is investigated. The CO2 emission price in an emissions trading market is evaluated by using an optimization approach similar to the well-developed probabilistic production simulation method. Then upon the assumption that the probability distribution functions of rivals bidding are known, a stochastic optimization model for building the risk-constrained optimal bidding strategy for the generation company in the framework of the chance-constrained programming is presented. Finally, a numerical example is served for demonstrating the feasibility of the developed model and method, and the optimal bidding results are compared for the two situations with and without the CO2 emissions trading.

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