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.
IEEE PowerTech 2003
Publication date: June 2003.
J. Reneses, Á. Baíllo, E. Centeno, M. Ventosa, M. Rivier, A. Ramos, Strategies to fulfill medium-term objectives through short-term operation in competitive power markets, IEEE PowerTech 2003. ISBN: 0-7803-7967-5, Bolonia, Italy, 22-26 June 2003