A Dynamic Model of the Combined Electricity and Natural Gas Markets

Sandra Jenkins, Anuradha M. Annaswamy, Jacob Hansen, Jesper Viese Knudsen

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11 Citationer (Scopus)

Abstrakt

With the shale gas revolution, coal retirements, environmental regulations, and increasing renewable energy resources, the interdependency of natural gas and electricity has grown significantly. Interdependency challenges, such as mismatched market schedules and disparate market operations, require quantitative modeling in order to garner insights into the effectiveness of various solutions. In this paper, a quantitative model with a dynamic market mechanism is proposed to evaluate the effects of the fuel uncertainty of natural gas-fired power plants on Social Welfare. The results of the model show that as fuel uncertainty increases, Social Welfare decreases in a nonlinear manner, with an increasing slope at higher levels of uncertainty. The model also shows that the effect of market mismatch can be mitigated with increase in the level of Demand Response.
OriginalsprogEngelsk
Titel IEEE Power & Energy Society IEEE Power & Energy SocietyIEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT), 2015
Antal sider5
UdgivelsesstedWashington, DC
ForlagIEEE
Publikationsdatofeb. 2015
ISBN (Elektronisk)978-1-4799-1784-6
DOI
StatusUdgivet - feb. 2015
BegivenhedIEEE PES Conference on Innovative Smart Grid Technologies: ISGT 2015 - Washington D.C., USA
Varighed: 17 feb. 201520 feb. 2015

Konference

KonferenceIEEE PES Conference on Innovative Smart Grid Technologies
LandUSA
ByWashington D.C.
Periode17/02/201520/02/2015
NavnIEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT)

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