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

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dc.contributor.author Falbo, Paolo
dc.contributor.author Ruiz Mora, Carlos
dc.date.accessioned 2021-06-30T10:06:26Z
dc.date.available 2021-06-30T10:06:26Z
dc.date.issued 2019-02
dc.identifier.bibliographicCitation Falbo, P. & Ruiz, C. (2019). Optimal sales-mix and generation plan in a two-stage electricity market. Energy Economics, vol.78, pp. 598–614.
dc.identifier.issn 0140-9883
dc.identifier.uri http://hdl.handle.net/10016/32961
dc.description.abstract A 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.
dc.format.extent 17
dc.language.iso eng
dc.publisher Elsevier
dc.rights © 2018 Elsevier B.V
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other CVaR
dc.subject.other Demand uncertainty
dc.subject.other Electricity industry
dc.subject.other Futures market
dc.subject.other Renewable uncertainty
dc.subject.other Risk aversion
dc.subject.other Spot market
dc.title Optimal sales-mix and generation plan in a two-stage electricity market
dc.type article
dc.subject.eciencia Economía
dc.subject.eciencia Empresa
dc.identifier.doi https://doi.org/10.1016/j.eneco.2018.11.020
dc.rights.accessRights openAccess
dc.relation.projectID Gobierno de España. MTM2017-88979-P
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 598
dc.identifier.publicationlastpage 614
dc.identifier.publicationtitle Energy Economics
dc.identifier.publicationvolume 78
dc.identifier.uxxi AR/0000025645
dc.contributor.funder Ministerio de Economía y Competitividad (España)
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