The eco-min model

Nitin Prakash, Kory Hedman, Ajinkya Paralikar

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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.

Original languageEnglish (US)
Title of host publication2013 IEEE Power and Energy Society General Meeting, PES 2013
DOIs
StatePublished - Dec 1 2013
Event2013 IEEE Power and Energy Society General Meeting, PES 2013 - Vancouver, BC, Canada
Duration: Jul 21 2013Jul 25 2013

Publication series

NameIEEE Power and Energy Society General Meeting
ISSN (Print)1944-9925
ISSN (Electronic)1944-9933

Other

Other2013 IEEE Power and Energy Society General Meeting, PES 2013
CountryCanada
CityVancouver, BC
Period7/21/137/25/13

Keywords

  • Power system dispatch
  • power system economics

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Nuclear Energy and Engineering
  • Renewable Energy, Sustainability and the Environment
  • Electrical and Electronic Engineering

Cite this

Prakash, N., Hedman, K., & Paralikar, A. (2013). The eco-min model. In 2013 IEEE Power and Energy Society General Meeting, PES 2013 [6672654] (IEEE Power and Energy Society General Meeting). https://doi.org/10.1109/PESMG.2013.6672654