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

Volume

7

Issue

2

fYear

1992

fDate

5/1/1992 12:00:00 AM

Firstpage

584

Lastpage

590

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;

fLanguage

English

Journal_Title

Power Systems, IEEE Transactions on

Publisher

ieee

ISSN

0885-8950

Type

jour

DOI

10.1109/59.141763

Filename

141763