×

zbMATH — the first resource for mathematics

Fast market clearing algorithms. (English) Zbl 1420.91368
Meyn, Sean (ed.) et al., Energy markets and responsive grids. Modeling, control, and optimization. Selected papers based on the presentations at the workshop ‘Control at large scales: energy markets and responsive grids’, May 9–13, 2016. New York, NY: Springer. IMA Vol. Math. Appl. 162, 155-175 (2018).
Summary: Real-time electricity markets are the main transaction platforms for providing necessary balancing services, where the market clearing (nodal or zonal prices depending on markets) is very close to real-time operations of power systems. We present single and multiple time period decentralized market clearing models based on the DC power flow model. The electricity market we study consists of a set of generation companies (GenCos) and a set of Distribution System Operators (DSOs). The Independent System Operator (ISO) determines the market clearing generation and demand levels by coordinating with the market participants (GenCos and DSOs). We exploit the problem structure to obtain a decomposition of the market clearing problem where the GenCos and DSOs are decoupled. We propose a novel semismooth Newton algorithm to compute the competitive equilibrium. Numerical experiments demonstrate that the algorithm can obtain several orders of magnitude speedup over a typical subgradient algorithm with no modification to the existing communication protocol between the ISO and market participants.
For the entire collection see [Zbl 1398.90009].

MSC:
91B74 Economic models of real-world systems (e.g., electricity markets, etc.)
91B52 Special types of economic equilibria
91B26 Auctions, bargaining, bidding and selling, and other market models
PDF BibTeX XML Cite
Full Text: DOI