Description |
1 online resource (22 pages, 1 unnumbered page) : color illustrations. |
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text txt rdacontent |
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computer c rdamedia |
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online resource cr rdacarrier |
Series |
NREL/PR ; 2C00-77090 |
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NREL/PR ; 2C00-77090.
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Note |
Slideshow presentation. |
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"FERC Technical Conference, 24 June 2020." |
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"Funding provided by the U.S. Department of Energy's Office of Electricity Advanced Grid Modeling (AGM) program"--Page 23. |
Funding |
DE-AC36-08GO28308 |
Note |
Description based on online resource; title from PDF title page (NREL, viewed April 29, 2022). |
Summary |
Electricity markets worldwide allow participants to bid non-convex production offers. While non-convex offers can more accurately reflect a resource's capabilities, they create challenges for market clearing processes. For example, system operators may execute side payments when a participant's cost is not covered through energy sale settlements from locational marginal pricing schemes, or when a participant incurs lost opportunity costs to follow the dispatch signal. Convex hull pricing minimizes these and other types of side payments while providing uniform (i.e., locationally and temporally consistent) prices. However, computing convex hull prices involves solving either a large-scale linear program - which in turn requires explicit descriptions of market participants' convex hulls -or the Lagrangian dual of the corresponding non-convex scheduling problem. Here, we propose a computationally feasible and industrially scalable Benders decomposition approach to computing convex hull prices at least an order of magnitude faster than the current state-of-the-art while leveraging recent advances in convex hull formulations for thermal generating units. |
Subject |
Convex geometry.
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Electric power production -- United States.
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Géométrie convexe.
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Électricité -- Production -- États-Unis.
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Convex geometry
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Electric power production
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United States https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq
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Indexed Term |
Benders decomposition |
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convex hull pricing |
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electricity markets |
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linear programming |
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unit commitment |
Added Author |
National Renewable Energy Laboratory (U.S.), issuing body.
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Standard No. |
1821617 OSTI ID |
Gpo Item No. |
0430-P-09 (online) |
Sudoc No. |
E 9.22:NREL/PR-2 C 00-77090 |
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