Convex Hull Pricing in ElectricityMarkets: Formulation, Analysis, and Implementation Challenges
| Autor: | Dane A. Schiro, Feng Zhao, Tongxin Zheng, Eugene Litvinov |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
TheoryofComputation_MISCELLANEOUS
Convex hull Computer Science::Computer Science and Game Theory Mathematical optimization business.industry 020209 energy Counterintuitive MathematicsofComputing_GENERAL Energy Engineering and Power Technology 02 engineering and technology Investment theory Variable pricing TheoryofComputation_ANALYSISOFALGORITHMSANDPROBLEMCOMPLEXITY 0202 electrical engineering electronic engineering information engineering Economics Production (economics) Electricity market Electricity Minification Electrical and Electronic Engineering business |
| Zdroj: | IEEE Transactions on Power Systems. 31:4068-4075 |
| ISSN: | 1558-0679 0885-8950 |
| DOI: | 10.1109/tpwrs.2015.2486380 |
| Popis: | Recent widespread interest in Convex Hull Pricing has not been accompanied by an equally broad understanding of the method. This paper seeks to narrow the gap between enthusiasm and comprehension. The connection between Convex Hull Pricing and basic electricity market clearing processes is clearly developed, and a new formulation of the pricing problem is presented. From this formulation, several important consequences of the method are derived and discussed. Some counterintuitive properties of Convex Hull Pricing are highlighted and demonstrated with simple examples. It is hoped that this paper will spur additional research on Convex Hull Pricing so that an informed judgment can be made regarding its costs and benefits. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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