Making unit commitment decisions when electricity is traded at spot market prices Export

@proceedings{citeulike:712249, abstract = {We present a new formulation to the unit commitment problem suitable for an electric power producer in a deregulated market and consider computationally efficient procedures to solve it. When the option of selling or buying electric power at spot market prices is included in unit commitment decisions, the optimal solution of a UCP with M units under standard operating and load constraints can be obtained by solving M uncoupled sub-problems. We account for the volatility of the spot market price of electricity by using a stochastic model. The model incorporates both the stochastic features of the availabilities of generating units participating in the market and the uncertainty of the aggregate load. We use probabilistic dynamic programming to solve the stochastic optimization problem. We show that for a market of 150 units the unit commitment problem can be accurately solved in a reasonable time by using the normal, Edgeworth, or Monte Carlo approximation methods for estimating the needed probability distributions}, author = {Valenzuela, J. and Mazumdar, M.}, citeulike-article-id = {712249}, citeulike-linkout-0 = {http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=917334}, journal = {Power Engineering Society Winter Meeting, 2001. IEEE}, keywords = {electricity, market, prices, spot, trading}, pages = {1509--1512 vol.3}, posted-at = {2009-06-05 09:30:30}, priority = {2}, title = {Making unit commitment decisions when electricity is traded at spot market prices}, url = {http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=917334}, volume = {3}, year = {2001} }

TY - CONF ID - citeulike:712249 L3 - citeulike-article-id:712249 N2 - We present a new formulation to the unit commitment problem suitable for an electric power producer in a deregulated market and consider computationally efficient procedures to solve it. When the option of selling or buying electric power at spot market prices is included in unit commitment decisions, the optimal solution of a UCP with M units under standard operating and load constraints can be obtained by solving M uncoupled sub-problems. We account for the volatility of the spot market price of electricity by using a stochastic model. The model incorporates both the stochastic features of the availabilities of generating units participating in the market and the uncertainty of the aggregate load. We use probabilistic dynamic programming to solve the stochastic optimization problem. We show that for a market of 150 units the unit commitment problem can be accurately solved in a reasonable time by using the normal, Edgeworth, or Monte Carlo approximation methods for estimating the needed probability distributions JF - Power Engineering Society Winter Meeting, 2001. IEEE EP - 1512 vol.3 TI - Making unit commitment decisions when electricity is traded at spot market prices VL - 3 SP - 1509 KW - electricity KW - market KW - prices KW - spot KW - trading AU - Valenzuela, J AU - Mazumdar, M PY - 2001/// UR - http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=917334 ER -