A Dynamic Market Mechanism for Markets with Shiftable Demand Response

Jacob Hansen; Jesper Viese Knudsen; Arman Kiani; Anuradha M. Annaswamy; Jakob Stoustrup

doi:10.3182/20140824-6-ZA-1003.00620

A Dynamic Market Mechanism for Markets with Shiftable Demand Response

Jacob Hansen, Jesper Viese Knudsen, Arman Kiani, Anuradha M. Annaswamy, Jakob Stoustrup

Publikation: Bidrag til bog/antologi/rapport/konference proceeding › Konferenceartikel i proceeding › Forskning › peer review

19 Citationer (Scopus)

Abstract

In this paper, we propose a dynamic market mechanism that converges to the desired market equilibrium. Both locational marginal prices and the schedules for generation and consumption are determined through a negotiation process between the key market players. In addition to incorporating renewables, this mechanism accommodates both consumers with a shiftable Demand Response and an adjustable Demand Response. The overall market mechanism is evaluated in a Day Ahead Market and is shown in a numerical example to result in a reduction of the cost of electricity for the consumer, as well as an increase in the Social Welfare.

Originalsprog	Engelsk
Titel	Proceedings of the 19th IFAC World Congress
Vol/bind	19
Forlag	IFAC Publisher
Publikationsdato	aug. 2014
Udgave	1
Sider	1873-1878
ISBN (Trykt)	978-3-902823-62-5
DOI	https://doi.org/10.3182/20140824-6-ZA-1003.00620
Status	Udgivet - aug. 2014
Begivenhed	19th IFAC World Congress 2014 - Cape Town, Sydafrika Varighed: 24 aug. 2014 → 29 aug. 2014

Konference

Konference	19th IFAC World Congress 2014
Land/Område	Sydafrika
By	Cape Town
Periode	24/08/2014 → 29/08/2014

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abstract = "In this paper, we propose a dynamic market mechanism that converges to the desired market equilibrium. Both locational marginal prices and the schedules for generation and consumption are determined through a negotiation process between the key market players. In addition to incorporating renewables, this mechanism accommodates both consumers with a shiftable Demand Response and an adjustable Demand Response. The overall market mechanism is evaluated in a Day Ahead Market and is shown in a numerical example to result in a reduction of the cost of electricity for the consumer, as well as an increase in the Social Welfare.",

author = "Jacob Hansen and Knudsen, {Jesper Viese} and Arman Kiani and Annaswamy, {Anuradha M.} and Jakob Stoustrup",

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AU - Knudsen, Jesper Viese

AU - Kiani, Arman

AU - Annaswamy, Anuradha M.

AU - Stoustrup, Jakob

PY - 2014/8

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AB - In this paper, we propose a dynamic market mechanism that converges to the desired market equilibrium. Both locational marginal prices and the schedules for generation and consumption are determined through a negotiation process between the key market players. In addition to incorporating renewables, this mechanism accommodates both consumers with a shiftable Demand Response and an adjustable Demand Response. The overall market mechanism is evaluated in a Day Ahead Market and is shown in a numerical example to result in a reduction of the cost of electricity for the consumer, as well as an increase in the Social Welfare.

U2 - 10.3182/20140824-6-ZA-1003.00620

DO - 10.3182/20140824-6-ZA-1003.00620

M3 - Article in proceeding

SN - 978-3-902823-62-5

VL - 19

SP - 1873

EP - 1878

BT - Proceedings of the 19th IFAC World Congress

PB - IFAC Publisher

T2 - 19th IFAC World Congress 2014

Y2 - 24 August 2014 through 29 August 2014

ER -

A Dynamic Market Mechanism for Markets with Shiftable Demand Response

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