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- W2922382829 abstract "Abstract Revenue insufficiency is a major problem in market designs built on unit commitment and marginal pricing based remuneration schemes. Varied financial mechanisms and market clearing procedures have been adopted by different electricity markets to address this problem. But these schemes are based on deterministic market clearing algorithms. To the best of the authors’ knowledge, there has been no work done in ensuring revenue sufficiency in stochastic market clearing algorithms in the manner adopted in the proposed work. With the increasing penetration of renewable sources of energy, it has become imperative to adopt market equilibrium solutions that consider the dynamism of renewable sources of energy along with a guarantee of revenue sufficiency. This paper presents a novel stochastic market clearing procedure wherein the mathematical formulation explicitly includes the marginal pricing scheme into its modeling features. Recourse approach has been adopted to include the uncertainties associated with renewable sources of the system into the market clearing strategy. The entire problem has been formulated as a mixed integer linear programming (MILP) problem with marginal pricing being a part of the unknown decision variables. Dual variables of a security constrained economic dispatch problem is used for implementing revenue constrained stochastic market clearing model. The proposed model is validated using a three bus network with wind penetration that has wind forecast presented as scenarios over a time horizon of four hours." @default.
- W2922382829 created "2019-03-22" @default.
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- W2922382829 date "2019-02-01" @default.
- W2922382829 modified "2023-09-26" @default.
- W2922382829 title "Stochastic Market Clearing With Revenue Sufficiency Constraints" @default.
- W2922382829 doi "https://doi.org/10.1016/j.egypro.2019.01.863" @default.
- W2922382829 hasPublicationYear "2019" @default.
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