Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices
This study presents a new analytical solution to solve the contracting capacity (CC) optimisation problem that several sets of the demand and energy rates are available in the market. The proposed method (PM) obtains the best option for the prices and the best CC. It is mathematically proved that th...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Journal Article |
| Language: | English |
| Published: |
2021
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/146827 |
| _version_ | 1826129811103285248 |
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| author | Ferdavani, Ali Khorasani Hooshmand, Rahmat-Allah Gooi, Hoay Beng |
| author2 | School of Electrical and Electronic Engineering |
| author_facet | School of Electrical and Electronic Engineering Ferdavani, Ali Khorasani Hooshmand, Rahmat-Allah Gooi, Hoay Beng |
| author_sort | Ferdavani, Ali Khorasani |
| collection | NTU |
| description | This study presents a new analytical solution to solve the contracting capacity (CC) optimisation problem that several sets of the demand and energy rates are available in the market. The proposed method (PM) obtains the best option for the prices and the best CC. It is mathematically proved that the best CC is the maximum demand for a specific month of interest. Further, despite most existing methods such as linear programming, PM is able to obtain all optima. Some significant properties of and the influence of the input parameters on the optimal solution are discussed. Moreover, the errors on the forecasted maximum demand and the forecasted prices are separately analysed. Finally, the PM is performed on the data of various scenarios of a large real electrical user to highlight the effectiveness of this method. |
| first_indexed | 2024-10-01T07:46:38Z |
| format | Journal Article |
| id | ntu-10356/146827 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T07:46:38Z |
| publishDate | 2021 |
| record_format | dspace |
| spelling | ntu-10356/1468272021-03-11T08:30:13Z Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices Ferdavani, Ali Khorasani Hooshmand, Rahmat-Allah Gooi, Hoay Beng School of Electrical and Electronic Engineering Engineering::Electrical and electronic engineering Power Markets Error Analysis This study presents a new analytical solution to solve the contracting capacity (CC) optimisation problem that several sets of the demand and energy rates are available in the market. The proposed method (PM) obtains the best option for the prices and the best CC. It is mathematically proved that the best CC is the maximum demand for a specific month of interest. Further, despite most existing methods such as linear programming, PM is able to obtain all optima. Some significant properties of and the influence of the input parameters on the optimal solution are discussed. Moreover, the errors on the forecasted maximum demand and the forecasted prices are separately analysed. Finally, the PM is performed on the data of various scenarios of a large real electrical user to highlight the effectiveness of this method. 2021-03-11T08:30:13Z 2021-03-11T08:30:13Z 2018 Journal Article Ferdavani, A. K., Hooshmand, R. & Gooi, H. B. (2018). Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices. IET Generation, Transmission and Distribution, 12(12), 3097-3105. https://dx.doi.org/10.1049/iet-gtd.2017.1859 1751-8687 https://hdl.handle.net/10356/146827 10.1049/iet-gtd.2017.1859 2-s2.0-85064219372 12 12 3097 3105 en IET Generation, Transmission and Distribution © 2018 The Institution of Engineering and Technology. All rights reserved. |
| spellingShingle | Engineering::Electrical and electronic engineering Power Markets Error Analysis Ferdavani, Ali Khorasani Hooshmand, Rahmat-Allah Gooi, Hoay Beng Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title | Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title_full | Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title_fullStr | Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title_full_unstemmed | Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title_short | Analytical solution for demand contracting with forecasting-error analysis on maximum demands and prices |
| title_sort | analytical solution for demand contracting with forecasting error analysis on maximum demands and prices |
| topic | Engineering::Electrical and electronic engineering Power Markets Error Analysis |
| url | https://hdl.handle.net/10356/146827 |
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