Electricity Spot Market Simulation Involving Bilateral Contracts Hedging (CROSBI ID 572984)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Knežević, Goran ; Nikolovski, Srete ; Marić, Predrag
engleski
Electricity Spot Market Simulation Involving Bilateral Contracts Hedging
The traditional electric companies operated as a regulated monopoly are separated in those for generation(GenCo), transmission (TransCo) and distribution (DisCo).Demand companies (DemCo), ISO (Independent system operator), and regulator are new companies which enable function of restructured electricity market. Regarding the time dimension, wholesale electricity markets are divided into the two groups: spot market and bilateral electricity market. A bilateral contract is an agreement between two parties to exchange electric power under a set of the specified conditions such as MW amount, time of delivery, duration, and price. Forward contract price predictability is the great advantage to spot price volatility, contracted parties are in that way hedged against such a risk, but the forward contracted price may be disadvantageous compared to the spot price. Generator and load can conclude a mutually beneficial and risk tolerable forward contract. In order to investigate GenCo strategies and possible benefit of bilateral agreement for two agents, model of electricity market with 6 GenCos and 5 DemCos is made in EMCAS. Three scenarios are simulated: first one is the base case where all GenCos are applying production cost strategy ; in second case one GenCo is applying price-probing strategy ; third scenario is case where bilateral forward agreement is conclude between one GenCo and one DemCo. Comparisons of the results are presented.
spot electricity market; bilateral contract; market simulation; production strategies
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Podaci o prilogu
122-127.
2011.
objavljeno
Podaci o matičnoj publikaciji
2011 8th International Conference on the European Energy Market (EEM)
Marko Delimar
Zagreb:
978-1-61284-284-4
Podaci o skupu
8th International Conference on the European Energy Market (EEM11), 2011
predavanje
25.05.2011-27.05.2011
Zagreb, Hrvatska