Stochastic Price Modeling of Electricity in Deregulated Energy Markets
نویسندگان
چکیده
In this paper the problem of modeling electricity price dynamics in deregulated energy markets is studied. Since the nature of customers' energy consumption, market participants' strategic behavior and the power system reliability indices are stochastic processes, the electricity price model will be stochastic as well. In our analysis the price of electricity is modeled based on the customers' hourly consumption, day-ahead/real-time energy prices, generation and transmission outage schedules (evaluation of the power system reliability indices), spinning reserve requirements, demand elasticity and predicted strategic behavior of market participants.
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