A New Swing-Contract Design for Wholesale Power Markets

A New Swing-Contract Design for Wholesale Power Markets
PDF
  • eBook:
    A New Swing-Contract Design for Wholesale Power Markets
  • Author:
    Leigh S. Tesfatsion
  • Edition:
    1 edition
  • Categories:
  • Data:
    December 30, 2020
  • ISBN:
    1119670128
  • ISBN-13:
    9781119670124
  • Language:
    English
  • Pages:
    272 pages
  • Format:
    PDF

Book Description
Provides comprehensive information on swing contracts for flexible reserve provision in wholesale power markets 
This book promotes a linked swing-contract market design for centrally-managed wholesale power markets to facilitate increased reliance on renewable energy resources and demand-side participation.  The proposed swing contracts are firm or option two-part pricing contracts permitting resources to offer the future availability of dispatchable power paths (reserve) with broad types of flexibility in their power attributes. 
A New Swing-Contract Design for Wholesale Power Markets  begins with a brief introduction to the subject, followed by two chapters that cover: general goals for wholesale power market design; history, operations, and conceptual concerns for current U.S. RTO/ISO-managed wholesale power markets; and the relationship of the present study to previous swing-contract research. The next eight chapters cover: a general swing-contract formulation for centrally-managed wholesale power markets; illustrative swing-contract reserve offers; swing- inclusion of reserve offers with price swing; inclusion of price-sensitive reserve bids; and extension to a linked collection of swing-contract markets. Operations in current U.S. RTO/ISO-managed markets are reviewed in the following four chapters, and conceptual and practical advantages of the linked swing-contract market design are carefully considered. The book concludes with an examination of two key issues: How might current U.S. RTO/ISO-managed markets transition gradually to a swing-contract form?  And how might independent distribution system operators, functioning as linkage entities at transmission and distribution system interfaces, make use of swing contracts to facilitate their participation in wholesale power markets as providers of ancillary services harnessed from distribution-side resources? In addition, this title:  
  • Addresses problems with current wholesale electric power markets by developing a new swing-contract market design from concept to practical implementation  
  • Provides introductory chapters that explain the general principles motivating the new market design, hence why a new approach is required  
  • Develops a new type of swing contract suitable for wholesale power markets with increasing reliance on renewable energy and active demand-side participation  
A New Swing-Contract Design for Wholesale Power Markets is an ideal book for electric power system professionals and for students specializing in electric power systems. 

Content

CHAPTER 1. INTRODUCTION
CHAPTER 2. US RTO/ISO-MANAGED WHOLESALE POWER MARKETS: OVERVIEW
CHAPTER 3. MOTIVATION FOR CURRENT STUDY
CHAPTER 4. SWING CONTRACTS FOR ISO-MANAGED WHOLESALE POWER MARKETS
CHAPTER 5. ILLUSTRATIVE SWING-CONTRACT RESERVE OFFERS
CHAPTER 6. SWING-CONTRACT MARKET DESIGN
CHAPTER 7. SWING-CONTRACT MARKET OPTIMIZATION: BASE-CASE MILP FORMULATION
CHAPTER 8. INCLUSION OF RESERVE OFFERS WITH PRICE SWING
CHAPTER 9. INCLUSION OF PRICE-SENSITIVE RESERVE BIDS
CHAPTER 10. THE LINKED SWING-CONTRACT MARKET DESIGN
CHAPTER 11. ILLUSTRATION: LINKED DAY-AHEAD AND HOUR-AHEAD SWING-CONTRACT MARKETS
CHAPTER 12. STANDARD MODELING OF A COMPETITIVE MARKET
CHAPTER 13. US RTO/ISO-MANAGED MARKETS: EFFICIENCY AND MARKET POWER
CHAPTER 14. COMPARISONS WITH SWING-CONTRACT MARKETS
CHAPTER 15. ADVANTAGES OF THE LINKED SWING-CONTRACT MARKET DESIGN
CHAPTER 16. GRADUAL TRANSITION TO LINKED SWING-CONTRACT MARKETS
CHAPTER 17. SWING-CONTRACT SUPPORT FOR INTEGRATED TRANSMISSION AND DISTRIBUTION SYSTEMS
CHAPTER 18. DESIGN EVALUATION VIA THE ITD TES PLATFORM
CHAPTER 19. POTENTIAL FUTURE RESEARCH DIRECTIONS
CHAPTER 20. CONCLUSION: THE DOTS KEEP CONNECTING

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