Producer's Best Response in Pay-as-clear Electricity Market with Uncertain Demand
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985556%3A_____%2F19%3A00507761" target="_blank" >RIV/67985556:_____/19:00507761 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.11159/icert19.105" target="_blank" >http://dx.doi.org/10.11159/icert19.105</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.11159/icert19.105" target="_blank" >10.11159/icert19.105</a>
Alternative languages
Result language
angličtina
Original language name
Producer's Best Response in Pay-as-clear Electricity Market with Uncertain Demand
Original language description
In this work, we are particularly focused on several sources of uncertainty in (pay-as-clear) electricity markets. To deal with stochastic demand we employ the so-called chance constrained formulations of the problem [1] of the ISO as well as the problem of each producer. In detail, the ISO minimizes the production cost using a value-at-risk (VaR) approach, thus hedging against discrepancies between estimated and real electricity demand. Similarly, in the day-ahead market, each producer is hedging against the uncertainty of his own prediction of the demand using VaR approach again. In such a setting we aim at determining the “best response” of a given producer, i.e. the bid maximizing its profit.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
10101 - Pure mathematics
Result continuities
Project
Result was created during the realization of more than one project. More information in the Projects tab.
Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2019
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 5th World Congress on New Technologies (NewTech'19)
ISBN
978-1-927877-62-3
ISSN
2369-8128
e-ISSN
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Number of pages
2
Pages from-to
105
Publisher name
International ASET Inc.
Place of publication
Ontario
Event location
Lisabon
Event date
Aug 18, 2019
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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