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Optimal Dispatch in Electricity Markets

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  • Vladimir Kazakov
  • Anatoly M. Tsirlin

Abstract

The problem of calculating the optimal dispatch and prices in a single-period electricity auction in a wholesale electricity market is considered here. The novel necessary and sufficient conditions of optimality for this problem are derived and computational algorithms for solving these conditions are constructed.

Suggested Citation

  • Vladimir Kazakov & Anatoly M. Tsirlin, 2007. "Optimal Dispatch in Electricity Markets," Research Paper Series 206, Quantitative Finance Research Centre, University of Technology, Sydney.
    • Handle: RePEc:uts:rpaper:206
    as

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    File URL: https://www.uts.edu.au/sites/default/files/qfr-archive-02/QFR-rp206.pdf
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    References listed on IDEAS

    as
    1. Roger E. Bohn & Michael C. Caramanis & Fred C. Schweppe, 1984. "Optimal Pricing in Electrical Networks over Space and Time," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 360-376, Autumn.
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    More about this item

    Keywords

    optimal dispatch; electricity market; nonlinear programming; non-convex problems; dynamic programming;
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