TY - GEN
T1 - The eco-min model
AU - Prakash, Nitin
AU - Hedman, Kory
AU - Paralikar, Ajinkya
PY - 2013
Y1 - 2013
N2 - In existing electric energy markets, the bidding structure for the bid curves do not reflect the true operating characteristics of the generator. Often, the true minimum operating level of the generators is below the minimum level represented in bidding curves submitted by generator owners to the ISOs. One of the major factors for this inconsistent representation is attributed to operational efficiency. This paper introduces a new model called the eco-min model, which discusses the possibility of modifying the existing bid curve structure. The benefits of this model include improved market efficiency combined with the capability to obtain more reserve from the existing, committed resources as compared to the existing bid curve structure. The percentage of total electric energy coming from renewable resources is increasing day by day. Thus, the amount of reserve required for running the power systems reliably has increased as well because of the inherent variable and uncertain nature of renewable resources, e.g., wind and solar. As a result, there is the challenge of increasing the procured ancillary services while maintaining market efficiency. This model provides an effective approach for this issue. The eco-min model is presented and results are provided corresponding to the RTS96 system.
AB - In existing electric energy markets, the bidding structure for the bid curves do not reflect the true operating characteristics of the generator. Often, the true minimum operating level of the generators is below the minimum level represented in bidding curves submitted by generator owners to the ISOs. One of the major factors for this inconsistent representation is attributed to operational efficiency. This paper introduces a new model called the eco-min model, which discusses the possibility of modifying the existing bid curve structure. The benefits of this model include improved market efficiency combined with the capability to obtain more reserve from the existing, committed resources as compared to the existing bid curve structure. The percentage of total electric energy coming from renewable resources is increasing day by day. Thus, the amount of reserve required for running the power systems reliably has increased as well because of the inherent variable and uncertain nature of renewable resources, e.g., wind and solar. As a result, there is the challenge of increasing the procured ancillary services while maintaining market efficiency. This model provides an effective approach for this issue. The eco-min model is presented and results are provided corresponding to the RTS96 system.
KW - Power system dispatch
KW - power system economics
UR - http://www.scopus.com/inward/record.url?scp=84893187963&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84893187963&partnerID=8YFLogxK
U2 - 10.1109/PESMG.2013.6672654
DO - 10.1109/PESMG.2013.6672654
M3 - Conference contribution
AN - SCOPUS:84893187963
SN - 9781479913039
T3 - IEEE Power and Energy Society General Meeting
BT - 2013 IEEE Power and Energy Society General Meeting, PES 2013
T2 - 2013 IEEE Power and Energy Society General Meeting, PES 2013
Y2 - 21 July 2013 through 25 July 2013
ER -