Understanding How Generation Flexibility and Renewable Energy Affect Power Market Competition

Published Online:https://doi.org/10.1287/msom.2016.0595

References

  • Anderson EJ (2013) On the existence of supply function equilibria. Math. Programming 140(2):323–349.CrossrefGoogle Scholar
  • Anderson SC (2004) Analyzing strategic interaction in multi-settlement electricity markets: A closed-loop supply function equilibrium model. Ph.D. thesis, Harvard University, Cambridge, MA.Google Scholar
  • Anderson EJ, Hu X (2008) Finding supply function equilibria with asymmetric firms. Oper. Res. 56(3):697–711.LinkGoogle Scholar
  • Anderson EJ, Philpott AB (2002) Using supply functions for offering generation into an electricity market. Oper. Res. 50(3): 477–489.LinkGoogle Scholar
  • Baldick R, Grant R, Kahn E (2004) Theory and application of linear supply function equilibrium in electricity markets. J. Regulatory Econom. 25(2):143–167.CrossrefGoogle Scholar
  • Berry CA, Hobbs BF, Meroney WA, O’Neill RP, Stewart Jr WR (1999) Understanding how market power can arise in network competition: A game theoretic approach. Utilities Policy 8(3):139–158.CrossrefGoogle Scholar
  • Bolle F (1992) Supply function equilibria and the danger of tacit collusion: The case of spot markets for electricity. Energy Econom. 14(2):94–102.CrossrefGoogle Scholar
  • Buygi MO, Zareipour H, Rosehart WD (2012) Impacts of large-scale integration of intermittent resources on electricity markets: A supply function equilibrium approach. IEEE Systems J. 6(2):220–232.CrossrefGoogle Scholar
  • Ela E (2009) Using economics to determine the efficient curtailment of wind energy. Technical Report NREL/TP-550-45071, National Renewable Energy Laboratory, Golden, CO.Google Scholar
  • Ela E, Edelson D (2012) Participation of wind power in LMP-based energy markets. IEEE Trans. Sustainable Energy 3(4):777–783.CrossrefGoogle Scholar
  • Ela E, Milligan M, Parsons B, Lew D, Corbus D (2009) The evolution of wind power integration studies: Past, present, and future. Proc. Power and Energy Soc. General Meeting, Calgary, Alberta, Canada.CrossrefGoogle Scholar
  • Electric Reliability Council of Texas (2012) ERCOT business practice: Setting the shadow price caps and power balance penalties in security constrained economic dispatch, version 4.0. Electric Reliability Council of Texas, Austin.Google Scholar
  • EnerNex (2011) Eastern wind integration and transmission study. Technical Report NREL/SR-5500-47078, National Renewable Energy Laboratory, Golden, CO.Google Scholar
  • GE Energy (2010) Western wind and solar integration study. Technical Report NREL/SR-550-47434, National Renewable Energy Laboratory, Golden, CO.Google Scholar
  • Genc TS, Reynolds SS (2011) Supply function equilibria with capacity constraints and pivotal suppliers. Internat. J. Indust. Organ. 29(4):432–442.CrossrefGoogle Scholar
  • Green R (1996) Increasing competition in the British electricity spot market. J. Indust. Econom. 44(2):205–216.CrossrefGoogle Scholar
  • Green R (1999) The electricity contract market in England and Wales. J. Indust. Econom. 47(1):107–124.CrossrefGoogle Scholar
  • Green RJ, Newbery DM (1992) Competition in the British electricity spot market. J. Political Econom. 100(5):929–953.CrossrefGoogle Scholar
  • Green R, Vasilakos N (2010) Market behaviour with large amounts of intermittent generation. Energy Policy 38(7):3211–3220.CrossrefGoogle Scholar
  • Hart EK, Stoutenburg ED, Jacobson MZ (2012) The potential of intermittent renewables to meet electric power demand: Current methods and emerging analytical techniques. Proc. IEEE 100(2):322–334.CrossrefGoogle Scholar
  • Henriot A (2015) Economic curtailment of intermittent renewable energy sources. Energy Econom. 49(May):370–379.CrossrefGoogle Scholar
  • Hobbs BF, Metzler CB, Pang JS (2000) Strategic gaming analysis for electric power systems: An MPEC approach. IEEE Trans. Power Systems 15(2):638–645.CrossrefGoogle Scholar
  • Holmberg P (2007) Supply function equilibrium with asymmetric capacities and constant marginal costs. Energy J. 28(2):55–82.CrossrefGoogle Scholar
  • Holmberg P (2008) Unique supply function equilibrium with capacity constraints. Energy Econom. 30(1):148–172.CrossrefGoogle Scholar
  • Holmberg P, Newbery D (2010) The supply function equilibrium and its policy implications for wholesale electricity auctions. Utilities Policy 18(4):209–226.CrossrefGoogle Scholar
  • Holmberg P, Philpott AB (2015) Supply function equilibria in networks with transport constraints. Working paper, Research Institute of Industrial Economics, Stockholm.Google Scholar
  • Khazaei J, Zakeri G, Oren SS (2014) Market clearing mechanisms under uncertainty. Working paper, Princeton University, Princeton, NJ.Google Scholar
  • Klemperer PD, Meyer MA (1989) Supply function equilibria in oligopoly under uncertainty. Econometrica 57(6):1243–1277.CrossrefGoogle Scholar
  • Li G, Shi J, Qu X (2011) Modeling methods for GenCo bidding strategy optimization in the liberalized electricity spot market—A state-of-the-art review. Energy 36(8):4686–4700.CrossrefGoogle Scholar
  • Li T, Shahidehpour M, Li Z (2007) Risk-constrained bidding strategy with stochastic unit commitment. IEEE Trans. Power Systems 22(1):449–458.CrossrefGoogle Scholar
  • Midcontinent Independent System Operator (2016) Business practices manual: Energy and operating reserve markets, revision 15. Midcontinent Independent System Operator, Saint Paul, MN.Google Scholar
  • Oggioni G, Murphy FH, Smeers Y (2014) Evaluating the impacts of priority dispatch in the European electricity market. Energy Econom. 42(March):183–200.CrossrefGoogle Scholar
  • Ortega-Vazquez MA, Kirschen DS (2009) Estimating the spinning reserve requirements in systems with significant wind power generation penetration. IEEE Trans. Power Systems 24(1):114–124.CrossrefGoogle Scholar
  • Papavasiliou A, Oren SS (2013) Multiarea stochastic unit commitment for high wind penetration in a transmission constrained network. Oper. Res. 61(3):578–592.LinkGoogle Scholar
  • Pritchard G, Zakeri G, Philpott A (2010) A single-settlement, energy-only electric power market for unpredictable and intermittent participants. Oper. Res. 58(4):1210–1219.LinkGoogle Scholar
  • Rogers J, Fink S, Porter K (2010) Examples of wind energy curtailment practices. Technical Report NREL/SR-550-48737, National Renewable Energy Laboratory, Golden, CO.Google Scholar
  • Rudkevich A (1999) Supply function equilibrium in power markets: Learning all the way. Technical Paper 1299-1702, Tabors Caramanis and Associates.Google Scholar
  • Rudkevich A, Duckworth M, Rosen R (1998) Modeling electricity pricing in a deregulated generation industry: The potential for oligopoly pricing in a poolco. Energy J. 19(3):19–48.CrossrefGoogle Scholar
  • Ruiz P, Philbrick CR, Zak E, Cheung KW, Sauer PW (2009) Uncertainty management in the unit commitment problem. IEEE Trans. Power Systems 24(2):642–651.CrossrefGoogle Scholar
  • Sioshansi R (2011) Increasing the value of wind with energy storage. Energy J. 32(2):1–29.CrossrefGoogle Scholar
  • Sioshansi R, Oren S (2007) How good are supply function equilibrium models: An empirical analysis of the ERCOT balancing market. J. Regulatory Econom. 31(1):1–35.CrossrefGoogle Scholar
  • Smith JC, Milligan M, DeMeo EA, Parsons B (2007) Utility wind integration and operating impact state of the art. IEEE Trans. Power Systems 22(3):900–908.CrossrefGoogle Scholar
  • Sunar N, Birge JR (2015) Strategic commitment to a production schedule with supply and demand uncertainty: Renewable energy in day-ahead electricity markets. Working paper, University of North Carolina, Chapel Hill.Google Scholar
  • Supatgiat C, Zhang RQ, Birge JR (2001) Equilibrium values in a competitive power exchange market. Comput. Econom. 17(1): 93–121.CrossrefGoogle Scholar
  • Ventosa M, Baíllo Á, Ramos A, Rivier M (2005) Electricity market modeling trends. Energy Policy 33(7):897–913.CrossrefGoogle Scholar
  • Willems B, Rumiantseva I, Weigt H (2009) Cournot versus supply functions: What does the data tell us? Energy Econom. 31(1):38–47.CrossrefGoogle Scholar
  • Wilson R (2008) Supply function equilibrium in a constrained transmission system. Oper. Res. 56(2):369–382.LinkGoogle Scholar
  • Wu OQ, Kapuscinski R (2013) Curtailing intermittent generation in electrical systems. Manufacturing Service Oper. Management 15(4):578–595.LinkGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.