Mathematical modelling of electricity market with renewable energy sources

The paper addresses the electricity market with conventional energy sources on fossil fuel and non-conventional renewable energy sources (RESs) with stochastic operating conditions. A mathematical model of long-run (accounting for development of generation capacities) equilibrium in the market is co...

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Bibliographic Details
Published in:Renewable energy 2007-05, Vol.32 (6), p.976-990
Main Author: Marchenko, O.V.
Format: Article
Language:English
Subjects:
Computational efficiency
Computing time
Construction
Electricity
Electricity market
External effects
Long-run equilibrium
Markets
Mathematical model
Mathematical models
Optimization
Renewable energy sources
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Summary:The paper addresses the electricity market with conventional energy sources on fossil fuel and non-conventional renewable energy sources (RESs) with stochastic operating conditions. A mathematical model of long-run (accounting for development of generation capacities) equilibrium in the market is constructed. The problem of determining optimal parameters providing the maximum social criterion of efficiency is also formulated. The calculations performed have shown that the adequate choice of price cap, environmental tax, subsidies to RESs and consumption tax make it possible to take into account external effects (environmental damage) and to create incentives for investors to construct conventional and renewable energy sources in an optimal (from the society view point) mix.
ISSN:0960-1481
1879-0682
DOI:10.1016/j.renene.2006.04.004