Social welfare maximization auction for electricity markets with elastic demand

Proceedings of the World Congress on Intelligent Control and Automation (WCICA)

Volumn , Issue , 2008, Pages 7151-7156

  Wu, Jiang ^a   Guan, Xiaohong ^a   Gao, Feng ^a   Sun, Guoji ^a  

^a XI'AN JIAOTONG UNIVERSITY   (China)

Author keywords

Auction mechanism; Electricity markets; Power dispatch; Unit commitment

Indexed keywords

COMMERCE; INDUSTRIAL ENGINEERING; INTELLIGENT CONTROL; MACHINE DESIGN; MECHANISMS; OPTIMIZATION; TELECOMMUNICATION NETWORKS;

AUCTION MECHANISM; AUCTION MECHANISMS; AUCTION MODEL; CENTRALIZED CONTROL; CONTROL AND AUTOMATION; COST MINIMIZATION; DEMAND ELASTICITIES; ECONOMIC DISPATCH; ELASTIC DEMAND; ELECTRIC POWER MARKETS; ELECTRICITY MARKETS; MARKET PRICING; NUMERICAL TESTING; OBJECTIVE FUNCTION; POOL MARKETS; POWER DISPATCH; POWER MARKETS; SOCIAL WELFARE; SOCIAL WELFARE MAXIMIZATION; SPOT PRICING; UNIT COMMITMENT;

MARKETING;

EID: 52149096543     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: 10.1109/WCICA.2008.4594029     Document Type: Conference Paper

References (18)

1. N. Gregory Mankiw, Principles of Economics. 3 edition, South-Western College Pub, 2003
2. F. C. Schweppe, et. al, Spot Pricing of Electricity. Boston: Kluwer, 1988
3. J. Alonso, A. Trias, V. Gaitan, and J. J. Alba, "Thermal plant bids and market clearing in an electricity pool: minimization of costs vs. minimization of consumer payment," IEEE Trans. Power Syst., vol. 14, no. 4, pp. 1327-1334, Nov. 1999
4. Chaitusaney, S.; Eua-Arporn, B, "Actual social welfare maximization in pool market," in Proc. IEEE PES Summer Meeting, 2002
5. J. Bower, D. Bunn, "Experimental analysis of the efficiency of uniform-price versus discriminatory auctions in the England and Wales electricity market," Journal of Economic Dynamics & Control, vol. 25, pp. 561-592, 2001
6. P. Wei, L. Chen, H. Chiang, "Analysis of bidding price in the pay-as-bid-market," in Proc. IEEE PES General Meeting, vol. 2, pp. 13-17, July 2003
7. Y. Ren, F. D. Galiana, "Pay-as-bid versus marginal pricng - part I: strategic generator offers," IEEE Trans. Power Syst., vol. 19, no. 4, pp. 1771-1776, Nov. 2004
8. Y. S. Son, R. Baldick, K. Lee and S. Siddiqi, "Short-term electricity market auction game analysis: uniform and pay-as-bid pricing," IEEE Trans. Power Syst., vol. 19, no. 4, pp. 1990-1998, Nov. 2004
9. S. Hao, G. A. Angelidis, H. Singh and A. D. Papalexopoulos, "Consumer payment minimization in power pool auctions," IEEE Trans. Power Syst., vol. 13, no. 3, pp. 986-991, Aug. 1998
10. S. Hao, F. Zhang, "New models for integrated short-term forward electricity markets," IEEE Trans. Power Syst., vol. 18, no. 2, pp. 478-485, May 2003
11. G. A. Sterm, J. H. Yan, P. B. Luh, and W. E. Blankson, "What objective function should be used for optimal auctions," in Proc. IEEE PES General Meeting, June 2006
12. P.B. Luh, W. E. Blankson, Y. Chen, et. al, "Payment cost minimization auction for deregulated electricity markets using surrogate optimization," IEEE Trans. Power Syst., vol. 21, no. 2, pp. 568-578, May 2006
13. Xiaohong Guan, Yu-Chi Ho, Pepyne, D.L., "Gaming and price spikes in electric power markets," IEEE Trans. Power Syst., vol. 16, no. 3, pp. 402-408, Aug. 2001
14. Haoyu Zhou, Zhiyong Tu, Talukdar S., Marshall, K.C., "Wholesale electricity market failure and the new market design", in Proc. IEEE PES General Meeting, June 2005
15. Bompard, E., Ma, Y.; Napoli, R., Abrate, G., "The Demand Elasticity Impacts on the Strategic Bidding Behavior of the Electricity Producers", IEEE Trans. Power Syst., vol. 22, no. 1, pp. 188-197, Jan. 2007
16. X. Guan, Z. Qiaozhu, and A. Papalexopoulos, "Optimization based methods for unit commitment: Lagrangian relaxation versus general mixed integer programming," in Proc. IEEE PES General Meeting, vol. 2, pp. 13-17, Jul. 2003
17. Francisco D. Galiana, Alexis L. Motto and François Bouffard, "Reconciling social welfare, agent profits, and consumer payments in electricity pools," IEEE Trans. Power Syst., vol. 18, no. 2, pp. 452-459, May. 2003
18. W. Fan, X. Guan, Q. Zhai, "A new method for unit commitment with ramping constraints," Electric Power Systems Research, vol. 63, no. 3, 2002