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Conference Paper: A study of operating reserve procurance in power markets with application of insurance theory: contract-based vs pool-based approaches

TitleA study of operating reserve procurance in power markets with application of insurance theory: contract-based vs pool-based approaches
Authors
Chan, CYNi, YWu, FF
KeywordsEngineering
Electrical engineering
Issue Date2002
PublisherIEEE.
Citation
IEEE Power Engineering Society Summer Meeting, Chicago, Illinois, USA, 24 July 2002, v. 3, p. 1397-1402 How to Cite?
DOI: http://dx.doi.org/10.1109/PESS.2002.1043609
AbstractIn the power markets, the ancillary services are treated as special commodities. Operating reserve is an important commodity in the category of ancillary services, which supports the system reliability against unexpected generator outages. In this paper, we study the procurance of operating reserve via two approaches, i.e. contract-based model and pool-based model. In order to guarantee the availability of reserved capacity and reduce the loss of consumer at generator forced outages, insurance policy is applied. Decentralized optimal decision is adopted. After presenting the math models of the two approaches, it is proven that the pool-based approach is more cost-effective and should be adopted in the deregulated power markets.
Persistent Identifierhttp://hdl.handle.net/10722/46403

 

DC FieldValueLanguage
dc.contributor.authorChan, CYen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2007-10-30T06:49:07Z-
dc.date.available2007-10-30T06:49:07Z-
dc.date.issued2002en_HK
dc.identifier.citationIEEE Power Engineering Society Summer Meeting, Chicago, Illinois, USA, 24 July 2002, v. 3, p. 1397-1402en_HK
dc.identifier.urihttp://hdl.handle.net/10722/46403-
dc.description.abstractIn the power markets, the ancillary services are treated as special commodities. Operating reserve is an important commodity in the category of ancillary services, which supports the system reliability against unexpected generator outages. In this paper, we study the procurance of operating reserve via two approaches, i.e. contract-based model and pool-based model. In order to guarantee the availability of reserved capacity and reduce the loss of consumer at generator forced outages, insurance policy is applied. Decentralized optimal decision is adopted. After presenting the math models of the two approaches, it is proven that the pool-based approach is more cost-effective and should be adopted in the deregulated power markets.en_HK
dc.format.extent353669 bytes-
dc.format.extent1840 bytes-
dc.format.extent12538 bytes-
dc.format.extent11910 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypetext/plain-
dc.format.mimetypetext/plain-
dc.format.mimetypetext/plain-
dc.languageengen_HK
dc.publisherIEEE.en_HK
dc.rights©2002 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.-
dc.subjectEngineeringen_HK
dc.subjectElectrical engineeringen_HK
dc.titleA study of operating reserve procurance in power markets with application of insurance theory: contract-based vs pool-based approachesen_HK
dc.typeConference_Paperen_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1109/PESS.2002.1043609en_HK
dc.identifier.hkuros83287-

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