Strategies to fulfill medium-term objectives through short-term operation in competitive power markets

J. Reneses, Á. Baíllo, E. Centeno, M. Ventosa, M. Rivier, A. Ramos

IEEE PowerTech Conference - PowerTech 2003, Bologna (Italy). 22-26 junio 2003

Summary:
This paper presents two different approaches in order to guarantee that short-term decisions made by a generation company taking part in a wholesale electricity market are consistent with its operation objectives formulated from a medium-term perspective. In particular, it shows how certain economic signals must be used so as to orient short-term decisions toward medium-term objectives. The paper focuses in the case of a generation company that establishes a minimum-market-share objective for the medium term, and shows the implications of the different guidelines that can be used in the short-term operation in order to achieve that objective.

Keywords: Generation scheduling, medium-term planning, short-term operation, medium- and short-term coordination, power market.

DOI: 10.1109/PTC.2003.1304605

Publication date: June 2003.

Citation:
Reneses, J., Baíllo, Á., Centeno, E., Ventosa, M., Rivier, M., Ramos, A., Strategies to fulfill medium-term objectives through short-term operation in competitive power markets, IEEE PowerTech Conference - PowerTech 2003, Bologna (Italy). 22-26 June 2003.

IIT-03-027A