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Article: Spot pricing when Lagrange multipliers are not unique

TitleSpot pricing when Lagrange multipliers are not unique
Authors
KeywordsDouble-Sided Auction
Duality
Nodal Price
Spot Pricing
Issue Date2012
PublisherI E E E. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/RecentIssue.jsp?punumber=59
Citation
Ieee Transactions On Power Systems, 2012, v. 27 n. 1, p. 314-322 How to Cite?
AbstractClassical spot pricing theory is based on multipliers of the primal problem of an optimal market dispatch, i.e., the solution of the dual problem. However, the dual problem of market dispatch may yield multiple solutions. In these circumstances, spot pricing or any standard pricing practice based on multipliers cannot generate a unique clearing price. Although such situations are rare, they can cause significant uncertainties and complexities in market dispatch. In practice, this situation is solved through simple empirical methods, which may cause additional operations or biased allocation. Based on a strict extension of the principles of spot pricing and surplus allocation, we propose a new pricing methodology that can yield unique, impartial, and robust solution. The new method has been analyzed and compared with other pricing approaches in accordance with spot pricing theory. Case studies support the results of the theoretical analysis, and further demonstrate that the method performs effectively in both uniform-pricing and nodal-pricing markets. © 2006 IEEE.
Persistent Identifierhttp://hdl.handle.net/10722/155725
ISSN
2014 Impact Factor: 2.814
2014 SCImago Journal Rankings: 3.012
ISI Accession Number ID
Funding AgencyGrant Number
National Natural Science Foundation of ChinaNSFC-51007058
Hans Christian Orsted Postdoctoral Funding
Funding Information:

This work was supported in part by the National Natural Science Foundation of China (NSFC-51007058) and in part by Hans Christian Orsted Postdoctoral Funding. Paper no. TPWRS-00972-2010.

References

 

DC FieldValueLanguage
dc.contributor.authorFeng, Den_US
dc.contributor.authorXu, Zen_US
dc.contributor.authorZhong, Jen_US
dc.contributor.authorØstergaard, Jen_US
dc.date.accessioned2012-08-08T08:35:01Z-
dc.date.available2012-08-08T08:35:01Z-
dc.date.issued2012en_US
dc.identifier.citationIeee Transactions On Power Systems, 2012, v. 27 n. 1, p. 314-322en_US
dc.identifier.issn0885-8950en_US
dc.identifier.urihttp://hdl.handle.net/10722/155725-
dc.description.abstractClassical spot pricing theory is based on multipliers of the primal problem of an optimal market dispatch, i.e., the solution of the dual problem. However, the dual problem of market dispatch may yield multiple solutions. In these circumstances, spot pricing or any standard pricing practice based on multipliers cannot generate a unique clearing price. Although such situations are rare, they can cause significant uncertainties and complexities in market dispatch. In practice, this situation is solved through simple empirical methods, which may cause additional operations or biased allocation. Based on a strict extension of the principles of spot pricing and surplus allocation, we propose a new pricing methodology that can yield unique, impartial, and robust solution. The new method has been analyzed and compared with other pricing approaches in accordance with spot pricing theory. Case studies support the results of the theoretical analysis, and further demonstrate that the method performs effectively in both uniform-pricing and nodal-pricing markets. © 2006 IEEE.en_US
dc.languageengen_US
dc.publisherI E E E. The Journal's web site is located at http://ieeexplore.ieee.org/xpl/RecentIssue.jsp?punumber=59en_US
dc.relation.ispartofIEEE Transactions on Power Systemsen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectDouble-Sided Auctionen_US
dc.subjectDualityen_US
dc.subjectNodal Priceen_US
dc.subjectSpot Pricingen_US
dc.titleSpot pricing when Lagrange multipliers are not uniqueen_US
dc.typeArticleen_US
dc.identifier.emailZhong, J:jinzhong@hkucc.hku.hken_US
dc.identifier.authorityZhong, J=rp00212en_US
dc.description.naturepublished_or_final_versionen_US
dc.identifier.doi10.1109/TPWRS.2011.2159629en_US
dc.identifier.scopuseid_2-s2.0-84856255515en_US
dc.identifier.hkuros201938-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84856255515&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume27en_US
dc.identifier.issue1en_US
dc.identifier.spage314en_US
dc.identifier.epage322en_US
dc.identifier.isiWOS:000299506300033-
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridFeng, D=7401981343en_US
dc.identifier.scopusauthoridXu, Z=42962871000en_US
dc.identifier.scopusauthoridZhong, J=13905948700en_US
dc.identifier.scopusauthoridØstergaard, J=7004506852en_US

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