An electricity market model to estimate the marginal value of wind in an adapting system

In this paper a stochastic fundamental electricity market model is presented. The model's principle is cost minimization by determining the marginal system costs mainly as a function of available generation and transmission capacities, primary energy prices, plant characteristics and electricit...

Full description

Saved in:
Bibliographic Details
Main Authors: Swider, D.J., Weber, C.
Format: Conference Proceeding
Language:English
Subjects:
Cost function
Electricity supply industry
Electronic mail
Investments
Large scale integration
Power generation
Power system modeling
Stochastic processes
Stochastic systems
Wind energy generation
Citations: Items that cite this one
Online Access:Request full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:In this paper a stochastic fundamental electricity market model is presented. The model's principle is cost minimization by determining the marginal system costs mainly as a function of available generation and transmission capacities, primary energy prices, plant characteristics and electricity demand. To obtain appropriate estimates of the marginal value of wind in an adapting system notably reduced efficiencies at part load, start-up costs and reserve power requirements are taken into account. The intermittency of wind is covered by a stochastic recombining tree and the system is considered to adapt on increasing wind integration over time by endogenous modeling of investments in thermal power plants. Exemplary results are presented for a German case study
ISSN:1932-5517
DOI:10.1109/PES.2006.1709088