Related papers: Core-Selecting Mechanisms in Electricity Markets
Distribution markets are among the prospect being considered for the future of power systems. They would facilitate integration of distributed energy resources (DERs) and microgrids via a market mechanism and enable them to monetize…
With stakeholder-level in-market data, we conduct a comparative analysis of machine learning (ML) for forecasting electricity prices in Singapore, spanning 15 individual models and 4 ensemble approaches. Our empirical findings justify the…
Coordination of day-ahead and real-time electricity markets is imperative for cost-effective electricity supply and also to provide efficient incentives for the energy transition. Although stochastic market designs feature the least-cost…
A virtual power plant (VPP) is operated by an aggregator that acts as a market intermediary, aggregating consumers to participate in wholesale power markets. By setting incentive prices, the aggregator induces consumers to sell energy and…
Nothing has done more to empower the free market, enterprise, and meritocracy than the spread of electricity and power to everyone. The power system has been the precursor to the greatest period of innovation in our history and has meant…
The Pay-as-Clear (PaC) mechanism currently used in the European electricity market can generate significant submarginal profits for renewable sources when the clearing price is determined by the marginal offers of gas-fired generation units…
An important issue in today's electricity markets is the management of flexibilities offered by new practices, such as smart home appliances or electric vehicles. By inducing changes in the behavior of residential electric utilities, demand…
Data regulations increasingly enable consumers to switch among market segments, making segmentation an endogenous outcome of strategic interaction. We study a model in which consumers choose segments before a monopolist sets…
One of the recognized principal issues brought along by the steadfast migration towards power electronic interfaced energy sources is the loss of rotational inertia. In conventional power systems, the inertia of the synchronous machines…
This paper proposes a preventive congestion management framework with joint Local Flexibility Capacity Market (LFCM) and Local Energy Markets (LEMs). The framework enables Local Energy Communities (LECs) to optimize their flexibility…
Recent spectrum auctions in the United Kingdom, and some proposals for future auctions of spectrum in the United States, are based on preliminary price discovery rounds, followed by calculation of final prices for the winning buyers. For…
In this paper we propose a mechanism for the allocation of pipeline capacities, assuming that the participants bidding for capacities do have subjective evaluation of various network routes. The proposed mechanism is based on the concept of…
This paper studies many-to-one assignment markets, or matching markets with wages. Although it is well-known that the core of this model is non-empty, the structure of the core has not been fully investigated. To the known dissimilarities…
Relationships between the energy and the finance markets are increasingly important. Understanding these relationships is vital for policymakers and other stakeholders as the world faces challenges such as satisfying humanity's increasing…
We present a new model for the electricity spot price dynamics, which is able to capture seasonality, low-frequency dynamics and the extreme spikes in the market. Instead of the usual purely deterministic trend we introduce a non-stationary…
In this study, we develop a theoretical model of strategic equilibrium bidding and price-setting behaviour by heterogeneous and boundedly rational electricity producers and a grid operator in a single electricity market under uncertain…
The system operator's scheduling problem in electricity markets, called unit commitment, is a non-convex mixed-integer program. The optimal value function is non-convex, preventing the application of traditional marginal pricing theory to…
There is an intrinsic value in higher integration of multi-carrier energy systems (especially gas and electricity), to increase operational flexibility in the electricity system and to improve allocation of resources in gas and electricity…
Fair distribution of benefits in electric power systems is a pertinent energy policymaking problem; however, these efforts cannot be easily quantified in power system engineering studies. Therefore, we propose locational marginal burden…
We propose a market design for real-time electricity markets that utilizes a two-layered dispatch mechanism to systematically incorporate carbon accounting into grid operations. In this mechanism, ``dispatch'', the centralized allocation of…