Virtual Power Plant Auctions
AbstractSince their advent in 2001, virtual power plant (VPP) auctions have been implemented widely. In this paper, we describe the simultaneous ascending-clock auction format that has been used for virtually all VPP auctions to date, elaborating on other design choices that most VPP auctions have had in common as well as discussing a few aspects that have varied significantly among VPP auctions. We then evaluate the various objectives of regulators in requiring VPP auctions, concluding that the auctions have been effective devices for facilitating new entry into electricity markets and for developing wholesale power markets.
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Bibliographic InfoPaper provided by University of Maryland, Department of Economics - Peter Cramton in its series Papers of Peter Cramton with number 09vpp.
Length: 14 pages
Date of creation: 2009
Date of revision: 2009
Publication status: Published in Utilities Policy, 18, 201-208, 2010
Contact details of provider:
Postal: Economics Department, University of Maryland, College Park, MD 20742-7211
Phone: (202) 318-0520
Fax: (202) 318-0520
Web page: http://www.cramton.umd.edu
Auctions; electricity auctions; market design; virtual power plant auctions; clock auction; combinatorial auction;
Other versions of this item:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
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"Auctioning Many Divisible Goods,"
Papers of Peter Cramton
04jeea, University of Maryland, Department of Economics - Peter Cramton, revised 2004.
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Open Access publications from Universidad Carlos III de Madrid
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- Peña, Juan Ignacio, 2011. "Las emisiones primarias de energía en el mercado español: valoración de opciones teórica y de mercado/Primary Energy Emissions in the Spanish Market: Theoretical and Market-Based Option Pricing," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 29, pages 617-626, Agosto.
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