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Article: Two decentralized reserve procurance methods and the comparison

TitleTwo decentralized reserve procurance methods and the comparison
Authors
KeywordsAncillary service
Decentralized optimization
Electricity markets
Insurance theory
Operating reserves
Issue Date2003
Citation
Dianli Xitong Zidonghua/Automation Of Electric Power Systems, 2003, v. 27 n. 2, p. 12-18 How to Cite?
AbstractIn power markets, ancillary service is usually centrally handled. The system operator will determine the required reserve capacity and purchase it from the reserve suppliers. And the corresponding cost is allocated to the consumers. This approach lacks customers' choices and may lead to inefficiency. In the market environment, the decentralized decision-making approach should be recommended so as to use the invisible hand of markets to achieve market equilibrium and efficiency. In this paper, we suggest two approaches to procure operating reserve. They are contract-based approach and pool-based approach. In the two approaches, a theory of insurance policy is introduced to make optimal decentralized decision possible, improving the dispatch of reserve capacity and reducing the risk of loss of power supplying to consumers. A numerical example is utilized to illustrate the effectiveness of the suggested approaches. It is proven that under certain conditions the pool-based approach is more cost-effective than the contract-based approach and should be adopted in the deregulated electricity markets.
Persistent Identifierhttp://hdl.handle.net/10722/74106
ISSN
2015 SCImago Journal Rankings: 0.772
References

 

DC FieldValueLanguage
dc.contributor.authorChan, CYen_HK
dc.contributor.authorBi, Ten_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorWu, Fen_HK
dc.date.accessioned2010-09-06T06:57:52Z-
dc.date.available2010-09-06T06:57:52Z-
dc.date.issued2003en_HK
dc.identifier.citationDianli Xitong Zidonghua/Automation Of Electric Power Systems, 2003, v. 27 n. 2, p. 12-18en_HK
dc.identifier.issn1000-1026en_HK
dc.identifier.urihttp://hdl.handle.net/10722/74106-
dc.description.abstractIn power markets, ancillary service is usually centrally handled. The system operator will determine the required reserve capacity and purchase it from the reserve suppliers. And the corresponding cost is allocated to the consumers. This approach lacks customers' choices and may lead to inefficiency. In the market environment, the decentralized decision-making approach should be recommended so as to use the invisible hand of markets to achieve market equilibrium and efficiency. In this paper, we suggest two approaches to procure operating reserve. They are contract-based approach and pool-based approach. In the two approaches, a theory of insurance policy is introduced to make optimal decentralized decision possible, improving the dispatch of reserve capacity and reducing the risk of loss of power supplying to consumers. A numerical example is utilized to illustrate the effectiveness of the suggested approaches. It is proven that under certain conditions the pool-based approach is more cost-effective than the contract-based approach and should be adopted in the deregulated electricity markets.en_HK
dc.languageengen_HK
dc.relation.ispartofDianli Xitong Zidonghua/Automation of Electric Power Systemsen_HK
dc.subjectAncillary serviceen_HK
dc.subjectDecentralized optimizationen_HK
dc.subjectElectricity marketsen_HK
dc.subjectInsurance theoryen_HK
dc.subjectOperating reservesen_HK
dc.titleTwo decentralized reserve procurance methods and the comparisonen_HK
dc.typeArticleen_HK
dc.identifier.emailNi, Y: yxni@eee.hku.hken_HK
dc.identifier.emailWu, F: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, Y=rp00161en_HK
dc.identifier.authorityWu, F=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0037464944en_HK
dc.identifier.hkuros83248en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0037464944&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume27en_HK
dc.identifier.issue2en_HK
dc.identifier.spage12en_HK
dc.identifier.epage18en_HK
dc.publisher.placeChinaen_HK
dc.identifier.scopusauthoridChan, CY=33967492500en_HK
dc.identifier.scopusauthoridBi, T=6602683764en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridWen, F=7102815249en_HK
dc.identifier.scopusauthoridWu, F=7403465107en_HK

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