The large-scale integration of renewable energy sources (RESs) brings huge challenges to the power system. A cost-effective reserve deployment and uncertainty pricing mechanism are critical deal with variability RES. To this end, paper proposes a novel locational marginal in day-ahead market for managing uncertainties from Firstly, an improved multi-ellipsoidal set (IMEUS) considering temporal ...

In this paper‎, ‎the impacts of premium bounds of put option contracts on the operation of put option and day-ahead electricity markets are studied‎. ‎To this end‎, ‎first a comprehensive equilibrium model for a joint put option and day-ahead markets is presented‎. ‎Interaction between put option and day-ahead markets‎, ‎uncertainty in fuel price, impact of premium bounds, and elasticity of con...

This thesis proposes that the bidding process that occurs daily in the competitive short-run power market can be modeled as a dynamic system, or a dynamic game played by electricity generators. Such a game is a finitely repeated one of complete but imperfect information. In this thesis, a dynamic model representing a small shortrun power market is formulated as a repeated game. Daily price comp...

Successful privatization in other sectors leads to a restructuring the power sector. The same practice has been adopted electrical industry with deregulated electricity market (EM). This enables competition among generating companies (Genco’s) for maximizing their profit and it plays central role. With this aim, each Genco gives higher bid that may result risk of losing opportunity get selected...

Pumped storage hydro units (PSHU) can provide flexibility to power systems. This becomes particularly valuable in recent years with the increasing shares of intermittent renewable resources. However, due emphasis on thermal generation current market practices, from PSHUs has not been fully explored and utilized. paper proposes a configuration based pumped (PSH) model for day-ahead market, order...