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Optimal sales-mix and generation plan in a two-stage electricity market

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorFalbo, Paolo
dc.contributor.authorRuiz Mora, Carlos
dc.contributor.funderMinisterio de Economía y Competitividad (España)es
dc.date.accessioned2021-06-30T10:06:26Z
dc.date.available2021-06-30T10:06:26Z
dc.date.issued2019-02
dc.description.abstractA bi-level stochastic programming problem is used to model the optimal decision of a risk averse electricity producer, interacting in a two-stage market with cost minimizer competitors. His decision variables include the distribution of production (which plant of different technologies and variable costs to operate) and the sales-mix (how much generation to commit to bilateral contracts and spot market). To enhance computation times, the bi-level problem is transformed into a Mixed-Integer Linear Problem (MILP) by applying sophisticated linearization techniques. Electricity demand, Renewable Energy Sources (RES) generation and production costs are different sources of uncertainty. A copula method is used to generate scenarios under different correlations values (between RES generation and demand), to analyze the impact of correlation on the optimal solution. The model is tested through extensive numerical simulations based on data from the Spanish electricity market. The results show that correlation and risk aversion have a relevant impact on how sales-mix and generation plan decisions should combine optimally.en
dc.format.extent17
dc.identifier.bibliographicCitationFalbo, P. & Ruiz, C. (2019). Optimal sales-mix and generation plan in a two-stage electricity market. Energy Economics, vol.78, pp. 598–614.en
dc.identifier.doihttps://doi.org/10.1016/j.eneco.2018.11.020
dc.identifier.issn0140-9883
dc.identifier.publicationfirstpage598
dc.identifier.publicationlastpage614
dc.identifier.publicationtitleEnergy Economicsen
dc.identifier.publicationvolume78
dc.identifier.urihttps://hdl.handle.net/10016/32961
dc.identifier.uxxiAR/0000025645
dc.language.isoeng
dc.publisherElsevieren
dc.relation.projectIDGobierno de España. MTM2017-88979-Pes
dc.rights© 2018 Elsevier B.Ves
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.accessRightsopen accessen
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.subject.ecienciaEconomíaes
dc.subject.ecienciaEmpresaes
dc.subject.otherCVaRen
dc.subject.otherDemand uncertaintyen
dc.subject.otherElectricity industryen
dc.subject.otherFutures marketen
dc.subject.otherRenewable uncertaintyen
dc.subject.otherRisk aversionen
dc.subject.otherSpot marketen
dc.titleOptimal sales-mix and generation plan in a two-stage electricity marketen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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