Title :
Stochastic price modeling of electricity in deregulated energy markets
Author :
Kian, Ashkan ; Keyhani, Ali
Author_Institution :
Dept. of Electr. Eng., Ohio State Univ., Columbus, OH, USA
Abstract :
The problem of modeling electricity price dynamics in deregulated energy markets is studied. Since the nature of customers´ energy consumption, market participants´ strategic behavior and the power system reliability indices are stochastic processes, the electricity price model will be stochastic as well. In our analysis, the price of electricity is modeled based on the customers´ hourly consumption, day-ahead/real-time energy price generation and transmission outage schedules (evaluation of the power system reliability indices), spinning reserve requirements, demand elasticity and predicted strategic behavior of market participants.
Keywords :
costing; electricity supply industry; modelling; power consumption; power generation scheduling; power system economics; power system reliability; stochastic processes; day-ahead/real-time energy price generation; demand elasticity; deregulated energy markets; electricity modeling; electricity price dynamics; electricity price model; energy consumption; hourly consumption; market participants; power system reliability indices; predicted strategic behavior; spinning reserve requirements; stochastic price modeling; stochastic processes; strategic behavior; transmission outage schedules; Electricity supply industry deregulation; Energy consumption; Power generation; Power system dynamics; Power system modeling; Power system reliability; Predictive models; Real time systems; Stochastic processes; Stochastic systems;
Conference_Titel :
System Sciences, 2001. Proceedings of the 34th Annual Hawaii International Conference on
Conference_Location :
Maui, HI, USA
Print_ISBN :
0-7695-0981-9
DOI :
10.1109/HICSS.2001.926292
