Multi-Unit Auctions In The Procurement Of Electricity
This paper reviews some multi-unit auction mechanisms that are used in the procurement of electricity. In ordinary multi-unit auctions bidders compete to buy several units of the same object from the seller, while in procurement or reverse auctions suppliers of electricity compete to sell a certain number of units. Reverse electricity auctions are used in numerous countries and they create a competitive market for electricity, instead of state-owned monopolies providing electricity at administratively set prices. In this paper we will present the most commonly used multi-unit auction forms in electricity markets. Auctions for electricity from renewable energy sources deserve special attention, since these suppliers cannot compete with large-scale producers at the present state of technology.
Volume (Year): 58 (2013)
Issue (Month): 197 (April – June)
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