Title :
When is a pay-as bid preferable to uniform price in electricity markets
Author_Institution :
California Univ., Berkeley, CA, USA
Abstract :
This paper discusses, pay-as bid preferable to uniform price in electricity markets. In real electricity markets the auctioned products are not completely homogeneous and the markets are not complete. In non-homogeneous situations, nature of the product and market incompleteness necessitate a high degree of product fragmentation, a pay as bid settlement approach with optimized assignment based on requirements and multiattribute of the tender, may be promising.
Keywords :
power markets; power system economics; pricing; auctioned product; electricity market; optimized assignment; pay as bid settlement approach; pricing; product fragmentation; Costs; Delay; Electricity supply industry; Fasteners; Load management; Power markets; Procurement; Reactive power; Spinning; Uncertainty;
Conference_Titel :
Power Systems Conference and Exposition, 2004. IEEE PES
Print_ISBN :
0-7803-8718-X
DOI :
10.1109/PSCE.2004.1397542
