P. Chand and L.F. Sugianto (Australia)
Shadow-price, energy market, object-oriented model
This paper presents a discussion on the determination of the shadow price of electricity in a wholesale electricity market. An object oriented model based on the Australian market known as the National Electricity Market (NEM) is developed for the market's scheduling, pricing and dispatch process. The paper discusses the electricity (energy) market and the ancillary services markets, which are based on the NEM. A generic object-oriented data model depicting a simplified NEM is developed for the energy market and used as an aid in the price determination. The model incorporates some of the important constraining factors and issues related to the physical generation and flow of electricity. Constraints such as inter-regional flows, loop flows and ramp-rate constraints that are considerations in determining the shadow price are discussed.
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