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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.
Title: | Unit Commitment and Electricity Prices Forecasting for Market Strategy Preparation in Interconnected Systems |
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Author/s: |
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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 |
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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.
Item ID: | 38327 |
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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 |