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SUMMARY:A theoretical analysis of pricing mechanisms and broker's decision
 s for real-time balancing in sustainable regional electricity markets - Dr
 . Wolfgang Ketter\, Rotterdam School of Management\, Erasmus University
DTSTART:20120326T110000Z
DTEND:20120326T123000Z
UID:TALK37021@talks.cam.ac.uk
CONTACT:Miss Camilla Burgess
DESCRIPTION:In electricity markets\, supply and demand have to be balanced
  perfectly in real time. A major task of the Independent Systems Operator 
 (ISO) on the wholesale (transmission) level and of the Distribution Utilit
 y (DU) on the regional (distribution) level is to monitor the grid and to 
 maintain balance while keeping voltage\, frequency\, and power factor with
 in very tight bounds. This task gets more challenging as more renewable en
 ergy sources\, such as solar and wind\, are connected to the grid. Many of
  these sources (e.g. wind) are only partially predictable. The grid balanc
 ing problem has been studied on various levels (wholesale vs. retail) and 
 with different approaches.\n\nWe study the problem of how to determine the
  price that energy brokers (retailers) need to pay in case their profile o
 f consumption and production of electricity is imbalanced in the current t
 ime slot. In a retail electricity market\, brokers have the possibility to
  control some portion of customer production and consumption\, such as by 
 offering price concessions in exchange for the ability to remotely interru
 pt loads or sources for limited periods of time. Examples of such controll
 able capacities are remotely controlled CHPs (Combined Heat and Power -- g
 as turbines that supply both heat and power\, and allow some control of pr
 oduction) and domestic water heaters that can be remotely turned off to te
 mporarily reduce consumption.\n\nWe present two different scenarios and th
 e related market mechanisms to balance supply and demand: I) without contr
 ollable capacities\, and II) with controllable capacities for the current 
 time slot. Our main mechanisms for a regional real-time balancing market a
 re efficient\, and create an incentive to resolve imbalances in the day-ah
 ead market. An advantage of our methods is that they are compatible with e
 xisting energy market structures (keeping the day-ahead market as a given)
 \, and therefore the required restructuring would be less disruptive than 
 with other methods currently suggested. Our testbed is the Power Trading A
 gent Competition (Power TAC). Power TAC is a competitive simulation of ret
 ail electric power markets that models a market-based management structure
  for local energy grids. \n
LOCATION:Judge Business School\, Trumpington Street\, Room W2.02
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