Related papers: Reliable Power Grid: Long Overdue Alternatives to …
Renewable energy brings huge uncertainties to the power system, which challenges the traditional power system operation with limited flexible resources. One promising solution is to introduce dynamic pricing to more consumers, which, if…
In the electricity market, it is quite common that the market participants make "selfish" strategies to harvest the maximum profits for themselves, which may cause the social benefit loss and impair the sustainability of the society in the…
A market consisting of a generator with thermal and renewable generation capability, a set of non-preemptive loads (i.e., loads which cannot be interrupted once started), and an independent system operator (ISO) is considered. Loads are…
With the increasing frequency of high impact low probability events, electricity markets are experiencing significant price spikes more often. This paper proposes a novel social equity driven optimal power flow framework to mitigate the…
Distributed renewable energy resources have attracted significant attention in recent years due to the falling cost of the renewable energy technology, extensive federal and state incentives, and the application in improving load-point…
An important part of the Smart Grid literature on residential Demand Response deals with game-theoretic consumption models. Among those papers, the hourly billing model is of special interest as an intuitive and fair mechanism. We focus on…
Traditional studies of combinatorial auctions often only consider linear constraints. The rise of smart grid presents a new class of auctions, characterized by quadratic constraints. This paper studies the {\em complex-demand knapsack…
The participation of consumers and producers in demand response programs has increased in smart grids, which reduces investment and operation costs of power systems. Also, with the advent of renewable energy sources, the electricity market…
Mechanism design is studied for aggregating renewable power producers (RPPs) in a two-settlement power market. Employing an indirect mechanism design framework, a payoff allocation mechanism (PAM) is derived from the competitive equilibrium…
Platform giants in China have operated with persistently compressed margins in highly concentrated markets for much of the past decade, despite market shares exceeding 60\% in core segments. Standard theory predicts otherwise: either the…
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…
We present a detailed review of various Home Energy Management Schemes (HEM,s). HEM,s will increase savings, reduce peak demand and Pto Average Ratio (PAR). Among various applications of smart grid technologies, home energy management is…
This paper presents a new dynamic pricing model (a.k.a. real-time pricing) that reflects startup costs of generators. Dynamic pricing, which is a method to control demand by pricing electricity at hourly (or more often) intervals, has been…
The integration of renewable energy into electricity markets poses significant challenges to price stability and increases the complexity of market operations. Accurate and reliable electricity price forecasting is crucial for effective…
This paper finds near equilibrium prices for electricity markets with nonconvexities due to binary variables, in order to reduce the market participants' opportunity costs, such as generators' unrecovered costs. The opportunity cost is…
In order to deal with market power that sporadically results from contingencies (e.g., severe weather, plant outages) most electricity markets have institutions in charge of monitoring market performance and mitigating market power. The…
This paper investigates the feasibility of using a discriminate pricing scheme to offset the inconvenience that is experienced by an energy user (EU) in trading its energy with an energy controller in smart grid. The main objective is to…
Economic model predictive control has been proposed as a means for solving the unit loading and unit allocation problem in multi-chiller cooling plants. The adjective economic stems from the use of financial cost due to electricity…
Power system models are a valuable and widely used tool to determine cost-minimal future operation and investment under political or ecological boundary conditions. Yet they are silent about the allocation of costs of single assets, as…
This paper compares the participation of Renewable-only Virtual Power Plants (RVPPs) and grid-scale Electrical Storage Systems (ESSs) in energy and reserve markets, evaluating their technical performance, market strategies, and economic…