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Optimal Pricing in Electrical Networks over Space and Time

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  • Roger E. Bohn
  • Michael C. Caramanis
  • Fred C. Schweppe
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    Abstract

    An electrical system is modelled with a transmission network, customers, central generators, and independent generators. The system is subject to stochastic failures and stochastic demand parameters. Optimal spot prices are derived for the system. They vary stochastically with space and time, and depend on electrical load flow patterns. The price difference between two locations or two voltage levels, and the wheeling charge between them, will change magnitude and sometimes sign over time, as a function of events throughout the network. Current spatial pricing methods are significantly different from the spot-price-based methods derived here.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal RAND Journal of Economics.

    Volume (Year): 15 (1984)
    Issue (Month): 3 (Autumn)
    Pages: 360-376

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    Handle: RePEc:rje:randje:v:15:y:1984:i:autumn:p:360-376

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    Cited by:
    1. Shawhan, Daniel L. & Taber, John T. & Shi, Di & Zimmerman, Ray D. & Yan, Jubo & Marquet, Charles M. & Qi, Yingying & Mao, Biao & Schuler, Richard E. & Schulze, William D. & Tylavsky, Daniel, 2014. "Does a detailed model of the electricity grid matter? Estimating the impacts of the Regional Greenhouse Gas Initiative," Resource and Energy Economics, Elsevier, vol. 36(1), pages 191-207.
    2. Céline Jullien & Virginie Pignon & Stéphane Robin & Carine Staropoli, 2011. "Coordinating cross-border congestion management through auctions : An experimental approach to European solutions," Working Papers 1121, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
    3. repec:hal:journl:halshs-00617026 is not listed on IDEAS
    4. Markus Ksoll & Klaus Schöler, 2001. "Alternative Organisation zweistufiger Strommmärkte - Ein räumliches Marktmodell bei zweidimensionaler Verteilung der Nachfrage -," Volkswirtschaftliche Diskussionsbeiträge 47, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.
    5. Markus Ksoll, 2001. "Two stages of uniform delivered pricing and a monopolistic network in competitive electricity markets," ERSA conference papers ersa01p280, European Regional Science Association.
    6. Füss, Roland & Mahringer, Steffen & Prokopczuk, Marcel, 2013. "Electricity Spot and Derivatives Pricing when Markets are Interconnected," Working Papers on Finance 1323, University of St. Gallen, School of Finance.

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