Title :
A Monte Carlo model for calculating spot market prices of electricity
Author :
Baughman, Martin L. ; Lee, Walter W.
Author_Institution :
Dept. of Electr. & Comput. Eng., Texas Univ., Austin, TX, USA
fDate :
5/1/1992 12:00:00 AM
Abstract :
The authors describe a model for calculating the spot price of electricity of a typical electric power system. The model combines economic dispatch calculations with loadflow and customer response functions in a Monte Carlo simulation model. The model contributes to the implementation of spot prices by providing a practical means of evaluating the spot price of a typical electric power system. It offers several different approaches for calculating generation curtailment premiums and transmission congestion charges. The model formulation is presented and its application is illustrated with case study results
Keywords :
Monte Carlo methods; economics; load dispatching; load flow; power systems; tariffs; Monte Carlo model; customer response; economic dispatch; electricity; generation curtailment premiums; load dispatching; loadflow; power system; spot market prices; tariffs; transmission congestion charges; Cost function; Economic forecasting; Fuels; Monte Carlo methods; Power engineering and energy; Power engineering computing; Power generation economics; Power system modeling; Pricing; Supply and demand;
Journal_Title :
Power Systems, IEEE Transactions on
