Application of auctions as a pricing mechanism for the interchange of electric power

The expected move to a market-based electric power industry will significantly change electric utility operations. These changes will fundamentally alter the pricing of electric power. How this pricing will be accomplished is a key issue. Traditionally, embedded cost based methods have been used. Sp...

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Bibliographic Details
Published in:IEEE transactions on power systems 1995-08, Vol.10 (3), p.1580-1584
Main Authors: Post, D.L., Coppinger, S.S., Sheble, G.B.
Format: Article
Language:English
Subjects:
Applied sciences
Costs
Economic data
Electric energy
Electricity
Energy
Energy economics
Exact sciences and technology
Gas industry
General, economic and professional studies
Linear programming
Natural gas
Natural gas industry
Power engineering and energy
Power industry
Pricing
Senior members
Student members
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Summary:The expected move to a market-based electric power industry will significantly change electric utility operations. These changes will fundamentally alter the pricing of electric power. How this pricing will be accomplished is a key issue. Traditionally, embedded cost based methods have been used. Spot-pricing has received attention as a possible approach in a market-based electric power environment. Another market-based approach is the use of auctions. This paper presents the application of a sequential sealed-bid and sealed-offer auction to the pricing of electric power by using linear programming.< >
ISSN:0885-8950
1558-0679
DOI:10.1109/59.466485