Počet záznamů: 1
Alternative Formulation of Pay-as-clear Auction in Electricity Markets
- 1.0487415 - ÚTIA 2018 CZ eng V - Výzkumná zpráva
Aussel, D. - Červinka, Michal - Henrion, R. - Pištěk, Miroslav
Alternative Formulation of Pay-as-clear Auction in Electricity Markets.
Praha: ÚTIA AV ČR v.v.i, 2017. 6 s. Research Report, 2368.
Grant CEP: GA ČR GA15-00735S
Institucionální podpora: RVO:67985556
Klíčová slova: electricity market * Lagrange multiplier * Independent System Operator
Kód oboru RIV: BA - Obecná matematika
In widely used formulation of pay-as-clear electricity market the clearing price is given by the Lagrange multiplier of the demand sat- isfaction constraint in the problem of the Independent System Operator (ISO). Following this idea, one may usually calculate the market clearing
price analytically even for problems of higher dimensions. However, the economic interpretation of such a market setting is in question, since the minimized criterion does not correspond neither to the cost of production nor to the overall payment of consumers. This observation motivated us
to propose an alternative clearing mechanism where the total payment of consumers is explicitly minimized. We show existence and uniqueness of the clearing price in such a setting.
Trvalý link: http://hdl.handle.net/11104/0282078
Počet záznamů: 1