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Modeling Dynamic Procurement Auctions of Standardized Supply Contracts in Electricity Markets including Bidders Adaptation

Torres-Valderrama, Henry Camilo and Gallego-Vega, Luis Eduardo (2015) Modeling Dynamic Procurement Auctions of Standardized Supply Contracts in Electricity Markets including Bidders Adaptation. DYNA, 82 (192). pp. 168-176. ISSN 2346-2183

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Resumen

Descendant Clock Auctions have been increasingly used in power markets. Traditional approaches are focused on discovering the bidders’ best response but neglecting the bidders’ adaptation. This paper presents an algorithm based on decision theory to estimate the bidders’ behavior along the auction. The proposed model uses portfolio concepts and historical data of spot market to estimate a long term contract supply curve. This model was applied to evaluate the Colombia’s Organized Market (MOR). Demand curve parameters and round size were varied to evaluate their impact over auction outputs. Results show that demand curve has a quite small impact over bidders’ decisions and round size management is useful to avoid non-competitive bidders’ behavior. In addition, it is shown that auction’s starting prices strongly influence auction’s clearing prices. These results are extremely helpful to design market structures in power markets.

Tipo de documento:Artículo - Article
Palabras clave:Dynamic Auction Model, Descending Clock Auction, Electric Energy Regulation, Colombian Electric Energy Market
Temática:6 Tecnología (ciencias aplicadas) / Technology > 62 Ingeniería y operaciones afines / Engineering
Unidad administrativa:Revistas electrónicas UN > Dyna
Código ID:59027
Enviado por : Dirección Nacional de Bibliotecas STECNICO
Enviado el día :31 Oct 2017 17:20
Ultima modificación:27 Noviembre 2017 22:06
Ultima modificación:27 Noviembre 2017 22:06
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