Any announcement from the Federal Reserve has a huge impact on the interest rate markets. The press releases from the Federal Open Market Committee (FOMC) are major inputs to the market and the random intervention model is applied to interest rate futures transaction data to measure FOMC announcement impact. Missing prices during non-trading time periods are imputed iteratively during the estim...

A chance-constrained programming-based optimization model for the dynamic economic emission dispatch problem (DEED), consisting of both thermal units and wind turbines, is developed. In proposed model, probability scheduled power (WP) included in set problem-decision variables it determined based on system spinning reserve load at each hour horizon time. This new strategy avoids, one hand, risk...

With the wide deployment of renewable energies, future power grids become more vulnerable to extreme environments. This paper investigates enhancing resilience systems with high penetrations energies under emergencies. The enhancement firstly is defined as maintaining much electric energy critical loads in a fixed number post-disaster periods by properly coordinating available resources. Then, ...

The paper presents a unit commitment model, based on mixed integer linear programming, capable of assessing the impact of electric vehicles (EV) on provision of ancillary services in power systems with high share of renewable energy sources (RES). The analyses show how role of different conventional units changes with integration of variable and uncertain RES and how introducing a flexible sour...

In order to meet the challenges brought by high penetration of intermittent and fluctuating wind solar power, a short-term optimal scheduling model for wind-solar-hydro hybrid generation system with cascade hydropower is established objective minimizing amount abandoned wind, hydro power maximizing stored energy stations. Cascade considered provide spinning reserve regulation ensure security sy...

An efficient unit commitment planning must consider frequency regulation capacity in the model. Such models are more complicated under a high penetration level of renewable energy because ramping and uncertainty. This paper addresses these issues commitment. The proposed model for considers uncertainty wind power, capacity, spinning reserve, demand response, pumped-storage hydroelectricity. Two...

Stand-alone hybrid power plants based on renewable energy sources are becoming a more and interesting alternative. However, their management is complex task because there many variables, requirements restrictions as well wide variety of possible scenarios. Though proper sizing the plant necessary to obtain competitive cost energy, smart key guarantee supply at minimum cost. In this work, novel ...

The diffusion of nonprogrammable power plants, together with the decommissioning conventional, rotating generators, is increasing need for flexible resources to always ensure safe and secure operation European electric-power system. Beyond technological advances, policy aspects also play a fundamental role in opening electricity markets new players; this regard, System Operations Guideline EU 2...

This paper proposes an aggregative model of total factor productivity (TFP) in the spirit of Houthakker (1955—1956). It considers a frictional labor market where production units are subject to idiosyncratic shocks and jobs are created and destroyed as in Mortensen and Pissarides (1994). An aggregate production function is derived by aggregating across micro production units in equilibrium. The...

This paper investigates the rationale for public intervention in the terrorism insurance market. It argues that government subsidies for terror insurance are aimed, in part, at discouraging self-protection and limiting the negative externalities associated with self-protection. Cautious self-protective behavior by a target can hurt public goods like national prestige if it is seen as “giving in...