Title
A Swing-Contract Market Design for Flexible Service Provision in Electric Power Systems
Campus Units
Economics, Electrical and Computer Engineering
Document Type
Conference Proceeding
Conference
IMA workshop on Control at Large Scales: Energy Markets and Responsive Grids
Publication Version
Submitted Manuscript
Link to Published Version
http://dx.doi.org/10.1007/978-1-4939-7822-9_5
Publication Date
2018
Journal or Book Title
Energy Markets and Responsive Grids
First Page
105
Last Page
127
DOI
10.1007/978-1-4939-7822-9_5
Conference Title
Control at Large Scales: Energy Markets and Responsive Grids
Conference Date
May 9-13, 2016
City
Minneapolis, Minnesota
Abstract
The need for flexible service provision in electric power systems has dramatically increased due to the growing penetration of variable energy resources, as has the need to ensure fair access and compensation for this provision. A swing contract facilitates flexible service provision with appropriate compensation because it permits multiple services to be offered together in bundled form with each service expressed as a range of possible values rather than as a single point value. This paper discusses a new swing-contract market design for electric power systems that permits swing contracts to be offered by any dispatchable resource. An analytical optimization formulation is developed for the clearing of a swing-contract day-ahead market that can be implemented using any standard mixed-integer linear programming solver. The practical feasibility of the optimization formulation is demonstrated by means of a numerical example.
Copyright Owner
Springer Science+Business Media, LLC, part of Springer Nature
Copyright Date
2018
Language
en
File Format
application/pdf
Recommended Citation
Li, Wanning and Tesfatsion, Leigh, "A Swing-Contract Market Design for Flexible Service Provision in Electric Power Systems" (2018). Economics Presentations, Posters and Proceedings. 54.
https://lib.dr.iastate.edu/econ_las_conf/54
Comments
This is a working paper of a proceeding published as Li W., Tesfatsion L. (2018) A Swing-Contract Market Design for Flexible Service Provision in Electric Power Systems. In: Meyn S., Samad T., Hiskens I., Stoustrup J. (eds) Energy Markets and Responsive Grids. The IMA Volumes in Mathematics and its Applications, vol 162. Springer, New York, NY. doi: 10.1007/978-1-4939-7822-9_5. Posted with permission.