A new wholesale bidding mechanism for enhanced demand response in smart grids
Calls to improve customer participation as a key element of smart grids have reinvigorated interest in demand-side features such as distributed generation, on-site storage and demand response. In the context of deregulated market structures, these features can improve flexibility of demand, but at t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | en_US |
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Institute of Electrical and Electronics Engineers
2010
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| Online Access: | http://hdl.handle.net/1721.1/59820 https://orcid.org/0000-0002-5347-2410 |
| _version_ | 1826216866916335616 |
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| author | Wang, Jiankang Kirtley, James L., Jr. Kennedy, Scott |
| author2 | Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science |
| author_facet | Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science Wang, Jiankang Kirtley, James L., Jr. Kennedy, Scott |
| author_sort | Wang, Jiankang |
| collection | MIT |
| description | Calls to improve customer participation as a key element of smart grids have reinvigorated interest in demand-side features such as distributed generation, on-site storage and demand response. In the context of deregulated market structures, these features can improve flexibility of demand, but at the cost of added uncertainty. Therefore, how to implement these features under deregulated power markets is worth consideration. To address the problems induced by the demand-side participation features together with deregulated electricity markets, this paper presents a new bidding mechanism, which uses Price Elasticity Matrices (PEM) to model the concerned features. Three typical traditional bidding mechanisms are reviewed and compared with the proposed bidding mechanism. This paper also presents an algorithm guaranteeing better convergence to carry out the proposed bidding mechanism. The concept of a stepped supply curve's relative slope is defined in the algorithm. Multiple benefits induced are shown by numerical examples in a day-ahead wholesale electricity pool under real-time pricing. |
| first_indexed | 2024-09-23T16:54:22Z |
| format | Article |
| id | mit-1721.1/59820 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T16:54:22Z |
| publishDate | 2010 |
| publisher | Institute of Electrical and Electronics Engineers |
| record_format | dspace |
| spelling | mit-1721.1/598202022-09-29T22:20:10Z A new wholesale bidding mechanism for enhanced demand response in smart grids Wang, Jiankang Kirtley, James L., Jr. Kennedy, Scott Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science Kirtley, James L., Jr. Wang, Jiankang Kirtley, James L., Jr. Calls to improve customer participation as a key element of smart grids have reinvigorated interest in demand-side features such as distributed generation, on-site storage and demand response. In the context of deregulated market structures, these features can improve flexibility of demand, but at the cost of added uncertainty. Therefore, how to implement these features under deregulated power markets is worth consideration. To address the problems induced by the demand-side participation features together with deregulated electricity markets, this paper presents a new bidding mechanism, which uses Price Elasticity Matrices (PEM) to model the concerned features. Three typical traditional bidding mechanisms are reviewed and compared with the proposed bidding mechanism. This paper also presents an algorithm guaranteeing better convergence to carry out the proposed bidding mechanism. The concept of a stepped supply curve's relative slope is defined in the algorithm. Multiple benefits induced are shown by numerical examples in a day-ahead wholesale electricity pool under real-time pricing. Masdar Institute of Science and Technology 2010-11-04T20:27:04Z 2010-11-04T20:27:04Z 2010-03 2010-01 Article http://purl.org/eprint/type/JournalArticle 978-1-4244-6266-7 978-1-4244-6333-6 978-1-4244-6264-3 INSPEC Accession Number: 11205469 http://hdl.handle.net/1721.1/59820 Wang, J., S. Kennedy, and J. Kirtley. “A new wholesale bidding mechanism for enhanced demand response in smart grids.” Innovative Smart Grid Technologies (ISGT), 2010. 2010. 1-8. © 2010 Institute of Electrical and Electronics Engineers. https://orcid.org/0000-0002-5347-2410 en_US http://dx.doi.org/10.1109/ISGT.2010.5434766 Innovative Smart Grid Technologies (ISGT), 2010 Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf Institute of Electrical and Electronics Engineers IEEE |
| spellingShingle | Wang, Jiankang Kirtley, James L., Jr. Kennedy, Scott A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title | A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title_full | A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title_fullStr | A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title_full_unstemmed | A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title_short | A new wholesale bidding mechanism for enhanced demand response in smart grids |
| title_sort | new wholesale bidding mechanism for enhanced demand response in smart grids |
| url | http://hdl.handle.net/1721.1/59820 https://orcid.org/0000-0002-5347-2410 |
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