Unit Commitment and Electricity Prices Forecasting for Market Strategy Preparation in Interconnected Systems

Pezic, Mustafa and Quintana de Juan, Marta and García-Martos, Carolina and Sánchez Naranjo, María Jesús (2014). Unit Commitment and Electricity Prices Forecasting for Market Strategy Preparation in Interconnected Systems. In: "11th International Conference on the European Energy Market (EEM14)", 28-30 May 2014, Kraków, POLAND. ISBN 978-1-4799-6094-1. pp. 1-6.

Description

Title: Unit Commitment and Electricity Prices Forecasting for Market Strategy Preparation in Interconnected Systems
Author/s:
  • Pezic, Mustafa
  • Quintana de Juan, Marta
  • García-Martos, Carolina
  • Sánchez Naranjo, María Jesús
Item Type: Presentation at Congress or Conference (Article)
Event Title: 11th International Conference on the European Energy Market (EEM14)
Event Dates: 28-30 May 2014
Event Location: Kraków, POLAND
Title of Book: 11th International Conference on the European Energy Market (EEM14)
Date: 2014
ISBN: 978-1-4799-6094-1
Subjects:
Freetext Keywords: Unit Commitment (UC), Electricity Prices Forecasting, Market strategy, Dynamic factor analysis, MILP
Faculty: E.T.S.I. Industriales (UPM)
Department: Ingeniería de Organización, Administración de Empresas y Estadística
Creative Commons Licenses: Recognition - No derivative works - Non commercial

Full text

[img]
Preview
PDF - Requires a PDF viewer, such as GSview, Xpdf or Adobe Acrobat Reader
Download (4MB) | Preview

Abstract

In this paper we present a solution for building a better strategy to take part in external electricity markets. For an optimal strategy development, both the internal system costs as well as the future values of the series of electricity prices in external markets need to be known. But in practice, the real problems that must be faced are that both future electricity prices and costs are unknown. Thus, the first ones must be modeled and forecasted and the costs must be calculated. Our methodology for building an optimal strategy consists of three steps: The first step is modeling and forecasting market prices in external systems. The second step is the cost calculation on internal system taking into account the expected prices in the first step. The third step is based on the results of the previous steps, and consists of preparing the bids for external markets. The main goal is to reduce consumers' costs unlike many others that are oriented to increase GenCo's profits.

More information

Item ID: 38327
DC Identifier: http://oa.upm.es/38327/
OAI Identifier: oai:oa.upm.es:38327
Official URL: http://ieeexplore.ieee.org/xpl/mostRecentIssue.jsp?punumber=6855529
Deposited by: Memoria Investigacion
Deposited on: 27 Nov 2015 15:59
Last Modified: 19 May 2017 15:35
  • Logo InvestigaM (UPM)
  • Logo GEOUP4
  • Logo Open Access
  • Open Access
  • Logo Sherpa/Romeo
    Check whether the anglo-saxon journal in which you have published an article allows you to also publish it under open access.
  • Logo Dulcinea
    Check whether the spanish journal in which you have published an article allows you to also publish it under open access.
  • Logo de Recolecta
  • Logo del Observatorio I+D+i UPM
  • Logo de OpenCourseWare UPM