8 Environmental concerns have spurred greater reliance on variable re9 newable energy resources (VERs) in electric generation. Under current 10 incentive schemes, the uncertainty and intermittency of these resources 11 impose costs on the grid, which are typically socialized across the whole 12 system, rather than born by their creators. We consider an institutional 13 framework in which VERs f...

There is a general consensus that the movement of electricity price is crucial for electricity market. The binary electricity price classification method is as an alternative to numerical electricity price forecasting due to high forecasting errors in various approaches. This paper proposes a binary classification of day-ahead electricity prices that could be realized using discrete cosine tran...

This paper presents an automatic method to design interval type-2 fuzzy systems for load forecasting applications using a memetic algorithm. This hybridisation of a variable-length genetic algorithm and a gradient descent method allows for concurrent learning of the system’s parameters and structure in a versatile fashion. Results are presented addressing chaotic system and market-level one-day...

We propose a stochastic unit commitment model for a power generation company that takes part in an electricity spot market. The relevant feature of this model is its detailed representation of the spot market during a whole week, including seven day-ahead market sessions and the corresponding adjustment market sessions. The adjustment market sessions can be seen as an hour-ahead market mechanis...

This paper describes the architecture and uses of an Internet based software platform called PowerWeb. PowerWeb was designed and implemented as a simulation environment for evaluating various power exchange auction markets through experimental investigation. It is designed to host simulations of a competitive “day-ahead” electric energy market in which the participants interact by submitting bi...

In this paper a day-ahead planning algorithm for a multi-reservoir hydropower system coordinated with wind power is developed. Coordination applies to real situations, where wind power and hydropower are owned by different utilities, sharing the same transmission lines, though hydropower has priority for transmission capacity. Coordination is thus necessary to minimize wind energy curtailments ...

Wind Power Producers (WPPs) seek to maximize profit and minimize the imbalance costs when bidding into the day-ahead market, but uncertainties in the hourly available wind and forecasting errors make the bidding risky. This paper assumes that hourly wind power output given by the forecast follows a normal distribution, and proposes three different bidding strategies, i.e., the expected profit-m...

The California ISO has taken several measures to incorporate the uncertainty due to Wind and Solar variability into the unit commitment and dispatch algorithms used in market operations. A hybrid approach that recognizes the need to incorporate uncertainties in operation of Day-ahead and real-time markets is presented. The hybrid approach is based on leveraging different forecasting techniques ...

The intermittent nature of renewable energy has been discussed in the context of the operational challenges that it brings to electrical grid reliability. Demand Side Management (DSM) with its ability to allow customers to adjust electricity consumption in response to market signals has often been recognized as an efficient way to mitigate the variable effects of renewable energy as well as to ...