Design of a Transmission Rights Exchange
نویسنده
چکیده
It has long been recognized that the loop flow effects of power on an interconnected network may pose special problems for the design of efficient trading mechanisms for electricity (Hogan 1992). One mechanism currently used for the design of a power market is based on the electricity spot pricing literature (Schweppe et al., 1988). These locational marginal pricing (LMP) systems depend on centralized optimization of supply and demand bids to reach a productively efficient solution, and to provide a price at many or all nodes on the network.1 Transmission trading under this market structure is generally based on financial hedging contracts (Hogan 1992). However, this method is not without its drawbacks. It requires a substantial amount of centralized decision-making, which may be institutionally difficult or unacceptable, especially in regions that have not previously operated as a single control area. The system operator needs complete information on the supply and demand functions of all market participants, and must rely on complex optimization algorithms to derive prices. Information and transaction costs for the central operator are likely to be high.
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