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| 08-01 | Agent-Based Test Beds for Power Industry Research, Teaching and Training
PSERC Tele-Seminar slides, February 5, 2008.
Wholesale power markets are complex systems encompassing structural constraints, institutional arrangements, and the behavioral dispositions of human participants. To be compelling and useful, studies of such systems must take all three elements into proper account. This talk will discuss the potential usefulness of agent-based test beds as research, teaching, and training tools for the exploratory study of wholesale power markets. | Leigh Tesfatsion | 3/31/2008 | 781.0k | PDF |
| 08-03 | The Efficiency of Uniform-Price Electricity Auctions: Evidence from Bidding Behavior in ERCOT
PSERC Tele-Seminar slides, March 4, 2008
Recent empirical analyses by both economists and engineers suggest that power market auction mechanisms may not yield efficient outcomes. Recent work has uncovered evidence that actual bidding by some market players leads to prices that distort the proper price signal. Generators that bid significantly above the incremental marginal cost of generation can inflate prices and send distorted signals as to the proper amount and location of new investment. Similarly, in balancing markets, firms that bid below the marginal cost of “DECing” in gaming a market suppress energy prices and possibly discourage investment. Evidence of both types of behavior has been found in several markets. This tele-seminar will discuss evidence that bidders distort the efficient price signal. | Steve Puller | 3/31/2008 | 322.0k | PDF |
| 08-05 | Designing CO2 Trading Markets for the Power Sector: Does It Matter Who Gets the Allowances and Who Must Comply?
PSERC Tele-Seminar slides, April 1, 2008.
Carbon allowance trading has been implemented in the European Union, and will start in several eastern states in June. Meanwhile, several western states and Canadian provinces are negotiating the formation of a trading region for the West, and it appears likely that a federal system will emerge in the next Congress, if not before. Because of the potentially large costs that would result, as well as the large economic rents, from implementation of these systems, there has been intense political discussion of who should be responsible for compliance and how allowances should be distributed. In this seminar, I’ll discuss whether the answers to these questions are important from the point of view of overall economic efficiency. | Benjamin F. Hobbs | 4/2/2008 | 455.0k | PDF |
| 08-07 | Demand Response via Real-Time Pricing to Increase Use of Operational Wind Energy Generators
PSERC Public Tele-Seminar Slides for May 6, 2008
One of the impediments to large-scale deployment of wind generation within power systems is its non-dispatchability, and variable and uncertain real-time energy output. Operating constraints on conventional generators (such as minimum generation points, forbidden zones, and ramping limits) as well as system constraints (such as power flow limits and ancillary service requirements) may force a system operator to curtail wind generation to ensure that the system can be operated securely. Furthermore, the pattern of wind availability and electricity demand may not allow wind generation to be fully utilized in all hours. Constraining output from operational wind energy generators raises costs and air emissions, and makes it more difficult to reach targets set by renewable portfolio standards.
In this seminar, I will discuss the use of real-time pricing (RTP)as a demand-response solution that could help operators make better use of wind resources. RTP can (1) help to smooth-out the diurnal load pattern to reduce the effects of binding unit operating constraints on wind utilization, (2) provide the incentive for demand to increase in response to the availability of wind generation with its zero variable energy cost, and (3) reduce transmission congestion by using locational prices to increase demand on the ‘export side’ of a transmission constraint. I will discuss a case study based on the ERCOT power system with different estimates of demand responsiveness to demonstrate the potential increase in the use of wind generation as a result of implementing RTP. | Ramteen Sioshansi | 5/5/2008 | 252.5k | PDF |
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