Pricing Chance Constraints in Electricity Markets

Xiaolong Kuang, Yury Dvorkin, Alberto J. Lamadrid, Miguel A. Ortega-Vazquez, Luis F. Zuluaga

Research output: Contribution to journalArticle

Abstract

This letter considers a stochastic electricity market in which the uncertainty is handled using a proportional control law and chance security constraints. We prove that in this framework, market clearing prices yielding a robust competitive market equilibrium can be computed and used for stochastic market settlements by risk-aware system operators. An illustrative case study corroborates the usefulness of the proposed approach.

Original languageEnglish (US)
Pages (from-to)4634-4636
Number of pages3
JournalIEEE Transactions on Power Systems
Volume33
Issue number4
DOIs
StatePublished - Jul 1 2018

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Mathematical operators
Costs
Power markets
Uncertainty

Keywords

  • equilibrium conditions
  • Non-convexities

ASJC Scopus subject areas

  • Energy Engineering and Power Technology
  • Electrical and Electronic Engineering

Cite this

Kuang, X., Dvorkin, Y., Lamadrid, A. J., Ortega-Vazquez, M. A., & Zuluaga, L. F. (2018). Pricing Chance Constraints in Electricity Markets. IEEE Transactions on Power Systems, 33(4), 4634-4636. https://doi.org/10.1109/TEC.2018.2821922

Pricing Chance Constraints in Electricity Markets. / Kuang, Xiaolong; Dvorkin, Yury; Lamadrid, Alberto J.; Ortega-Vazquez, Miguel A.; Zuluaga, Luis F.

In: IEEE Transactions on Power Systems, Vol. 33, No. 4, 01.07.2018, p. 4634-4636.

Research output: Contribution to journalArticle

Kuang, X, Dvorkin, Y, Lamadrid, AJ, Ortega-Vazquez, MA & Zuluaga, LF 2018, 'Pricing Chance Constraints in Electricity Markets', IEEE Transactions on Power Systems, vol. 33, no. 4, pp. 4634-4636. https://doi.org/10.1109/TEC.2018.2821922
Kuang, Xiaolong ; Dvorkin, Yury ; Lamadrid, Alberto J. ; Ortega-Vazquez, Miguel A. ; Zuluaga, Luis F. / Pricing Chance Constraints in Electricity Markets. In: IEEE Transactions on Power Systems. 2018 ; Vol. 33, No. 4. pp. 4634-4636.
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