DocumentCode :
243069
Title :
Chance-constrained supply function equilibrium model of electricity markets with wind generation
Author :
Pacaba, Dominic Dave P. ; Nerves, Allan C.
Author_Institution :
Electr. & Electron. Eng. Inst., Univ. of the Philippines Diliman, Quezon City, Philippines
fYear :
2014
fDate :
22-25 Oct. 2014
Firstpage :
1
Lastpage :
6
Abstract :
The increase in wind generation in an electric power system also increases the uncertainty in supply and can affect how Generating Companies (GenCos) strategize in the electricity market thereby also affecting electricity prices. The study introduces a method for simulating the effects of different wind generation conditions on GenCo market strategy and on electricity market prices. A supply function equilibrium model is formulated for the electricity market, with a chance constraint added to accommodate the introduction of wind generation resources. The chance constraint used indicates the probability of the demand being satisfied by the supply, which translates to the probability of the amount of generation from wind resources. The study determines the effects of system confidence level, wind penetration level, wind probability parameters, and wind turbine parameters on the market clearing price, GenCo strategy, and GenCo market share. Although the increase in wind generation decreases the electricity market price, prices do not decrease proportionally with respect to increasing wind generation due to the changes in the strategies of GenCos.
Keywords :
constraint handling; power generation economics; power markets; probability; wind power; GenCo market share; GenCo market strategy; chance constraint supply function equilibrium model; electric power system; electricity market prices; electricity prices; generating companies; market clearing price; system confidence level; wind generation conditions; wind generation resources; wind penetration level; wind probability parameters; wind turbine parameters; Electricity supply industry; Equations; Generators; Optimization; Stochastic processes; Uncertainty; Wind; chance constraint programming; electricity market modelling; mixed-integer linear programming; supply function equilibrium; wind power generation;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
TENCON 2014 - 2014 IEEE Region 10 Conference
Conference_Location :
Bangkok
ISSN :
2159-3442
Print_ISBN :
978-1-4799-4076-9
Type :
conf
DOI :
10.1109/TENCON.2014.7022366
Filename :
7022366
Link To Document :
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