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CATEGORIES:Isaac Newton Institute Seminar Series
SUMMARY:Central- versus Self-Dispatch in Electricity Marke
 ts - Pär Holmberg (None / Other)
DTSTART;TZID=Europe/London:20190110T143000
DTEND;TZID=Europe/London:20190110T153000
UID:TALK116803AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/116803
DESCRIPTION:In centralized markets\, producers submit detailed
  cost data to the day-ahead market\, and the marke
 t operator decides how much should be produced in 
 each plant. This differs from decentralized market
 s that rely on self-commitment and where producers
  send less detailed cost information to the operat
 or of the day-ahead market. Ideally centralized el
 ectricity markets would be more effective\, as the
 y consider more detailed information\, such as sta
 rt-up costs and no-load costs. On the other hand\,
  the bidding format is rather simplified and does 
 not allow producers to express all details in thei
 r costs. Moreover\, due to uplift payments\, produ
 cers have incentives to exaggerate their costs. As
  of today\, US has centralized wholesale electrici
 ty markets\, while most of Europe has decentralize
 d wholesale electricity markets. The main problem 
 with centralized markets in US is that they do not
  provide intra-day prices which can be used to con
 tinuously up-date the dispatch when the forecast f
 or renewable output changes. Intra-day markets are
  more flexible and better adapted to deal with ren
 ewable power in decentralized markets. Iterative i
 ntra-day trading in a decentralized market can als
 o be used to sort out coordination problems relate
 d to non-convexities in the production. The downsi
 de of this is that increased possibilities to coor
 dinate increase the risk of getting collusive outc
 omes. Decentralized day-ahead markets in Europe ca
 n mainly be improved by considering network constr
 aints in more detail.
LOCATION:Seminar Room 1\, Newton Institute
CONTACT:INI IT
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