MESW02 | Prof. Anthony Papavasiliou | Market Design Considerations for Scarcity Pricing

Описание: MESW02 | Prof. Anthony Papavasiliou | Market Design Considerations for Scarcity Pricing: A Stochastic Equilibrium Framework

Speaker: Professor Anthony Papavasiliou (Université Catholique de Louvain)
Date: 19th Mar 2019 - 14:30 to 15:15
Venue: INI Seminar Room 1
Title: Market Design Considerations for Scarcity Pricing: A Stochastic Equilibrium Framework
Event: (MESW02) Electricity systems of the future: incentives, regulation and analysis for efficient investment
Abstract: We develop a stochastic equilibrium framework for analyzing variations of two-settlement system in which energy and reserve capacity is traded in a day-ahead market followed by a real-time market. The framework is aimed at analyzing the impact of various short-term market design decisions on the remuneration of reserve capacity under operating reserve demand curves. The proposed framework accounts for risk aversion, real-time uncertainty, and a relaxed representation of unit commitment decisions. The framework can be used for analyzing the implication of various market design choices on the back-propagation of real-time prices. These choices include (i) the presence or absence of a real-time reserve capacity market, (ii) the simultaneous or sequential clearing of reserves and energy in day-ahead markets, and (iii) the presence or absence of virtual bidding. We propose a decomposition heuristic for solving the resulting non-convex equilibrium problem. We apply our framework for the analysis of market design choices on the remuneration of reserves in the Belgian electricity market.
-------------------

FOLLOW US
🌐| Website: https://www.newton.ac.uk
🎥| Main Channel:    / @isaacnewtoninstitute  
🐦| Twitter:   / newtoninstitute  
💬| Facebook:   / newton.institute  
📷| Instagram:   / isaacnewtoninstitute  
🔗| LinkedIn:   / isaac-newton-institute-for-mathematical-sc...  

SEMINAR ROOMS
🥇| INI Seminar Room 1:    / @iniseminarroom1  
🥈| INI Seminar Room 2:    / @iniseminarroom2  
🛰️| INI Satellite Events:    / @inisatellite  

ABOUT
The Isaac Newton Institute is a national and international visitor research institute. It runs research programmes on selected themes in mathematics and the mathematical sciences with applications over a wide range of science and technology. It attracts leading mathematical scientists from the UK and overseas to interact in research over an extended period.

👉 Learn more about us and our events here: https://www.newton.ac.uk