A Dynamic Model of the Combined Electricity and Natural Gas Markets

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

Research output: Contribution to book/anthology/report/conference proceedingArticle in proceedingResearchpeer-review

11 Citations (Scopus)

Abstract

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.
Original languageEnglish
Title of host publication IEEE Power & Energy Society IEEE Power & Energy SocietyIEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT), 2015
Number of pages5
Place of PublicationWashington, DC
PublisherIEEE
Publication dateFeb 2015
ISBN (Electronic)978-1-4799-1784-6
DOIs
Publication statusPublished - Feb 2015
EventIEEE PES Conference on Innovative Smart Grid Technologies: ISGT 2015 - Washington D.C., United States
Duration: 17 Feb 201520 Feb 2015

Conference

ConferenceIEEE PES Conference on Innovative Smart Grid Technologies
CountryUnited States
CityWashington D.C.
Period17/02/201520/02/2015
SeriesIEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT)

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