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.

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.

Copyright Owner

Springer Science+Business Media, LLC, part of Springer Nature

Language

en

File Format

application/pdf

Published Version

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Article Location

 
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