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SUMMARY:Market Design Considerations for Scarcity Pricing: A Stochastic Eq
 uilibrium Framework - Anthony Papavasiliou (Université Catholique de Louv
 ain )
DTSTART:20190319T143000Z
DTEND:20190319T151500Z
UID:TALK121273@talks.cam.ac.uk
CONTACT:INI IT
DESCRIPTION:We develop a stochastic equilibrium framework for analyzing va
 riations 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 deci
 sions on the remuneration of reserve capacity under operating reserve dema
 nd curves. The proposed framework accounts for risk aversion\, real-time u
 ncertainty\, and a relaxed representation of unit commitment decisions. Th
 e framework can be used for analyzing the implication of various market de
 sign choices on the back-propagation of real-time prices. These choices in
 clude (i) the presence or absence of a real-time reserve capacity market\,
  (ii) the simultaneous or sequential clearing of reserves and energy in da
 y-ahead markets\, and (iii) the presence or absence of virtual bidding. We
  propose a decomposition heuristic for solving the resulting non-convex eq
 uilibrium problem. We apply our framework for the analysis of market desig
 n choices on the remuneration of reserves in the Belgian electricity marke
 t.
LOCATION:Seminar Room 1\, Newton Institute
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