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 proceedingKonferenceartikel i proceedingForskningpeer review

12 Citationer (Scopus)

Resumé

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.
OriginalsprogEngelsk
TitelProceedings of the 19th IFAC World Congress
Vol/bind19
ForlagIFAC Publisher
Publikationsdatoaug. 2014
Udgave1
Sider1873-1878
ISBN (Trykt)978-3-902823-62-5
DOI
StatusUdgivet - aug. 2014
Begivenhed19th IFAC World Congress 2014 - Cape Town, Sydafrika
Varighed: 24 aug. 201429 aug. 2014

Konference

Konference19th IFAC World Congress 2014
LandSydafrika
ByCape Town
Periode24/08/201429/08/2014

Fingerprint

Market mechanism
Dynamic markets
Demand response
Social welfare
Negotiation process
Costs
Market equilibrium
Schedule
Electricity

Citer dette

Hansen, J., Knudsen, J. V., Kiani, A., Annaswamy, A. M., & Stoustrup, J. (2014). A Dynamic Market Mechanism for Markets with Shiftable Demand Response. I Proceedings of the 19th IFAC World Congress (1 udg., Bind 19, s. 1873-1878). IFAC Publisher. https://doi.org/10.3182/20140824-6-ZA-1003.00620
Hansen, Jacob ; Knudsen, Jesper Viese ; Kiani, Arman ; Annaswamy, Anuradha M. ; Stoustrup, Jakob. / A Dynamic Market Mechanism for Markets with Shiftable Demand Response. Proceedings of the 19th IFAC World Congress. Bind 19 1. udg. IFAC Publisher, 2014. s. 1873-1878
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Hansen, J, Knudsen, JV, Kiani, A, Annaswamy, AM & Stoustrup, J 2014, A Dynamic Market Mechanism for Markets with Shiftable Demand Response. i Proceedings of the 19th IFAC World Congress. 1 udg, bind 19, IFAC Publisher, s. 1873-1878, Cape Town, Sydafrika, 24/08/2014. https://doi.org/10.3182/20140824-6-ZA-1003.00620

A Dynamic Market Mechanism for Markets with Shiftable Demand Response. / Hansen, Jacob; Knudsen, Jesper Viese; Kiani, Arman; Annaswamy, Anuradha M.; Stoustrup, Jakob.

Proceedings of the 19th IFAC World Congress. Bind 19 1. udg. IFAC Publisher, 2014. s. 1873-1878.

Publikation: Bidrag til bog/antologi/rapport/konference proceedingKonferenceartikel i proceedingForskningpeer review

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Hansen J, Knudsen JV, Kiani A, Annaswamy AM, Stoustrup J. A Dynamic Market Mechanism for Markets with Shiftable Demand Response. I Proceedings of the 19th IFAC World Congress. 1 udg. Bind 19. IFAC Publisher. 2014. s. 1873-1878 https://doi.org/10.3182/20140824-6-ZA-1003.00620