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Economic Interpretation of Demand Curves in Multi-product Electricity Markets - Part I: Theory
IEEE Transactions on Power Systems ( IF 6.6 ) Pub Date : 2020-11-01 , DOI: 10.1109/tpwrs.2020.3001755
Feng Zhao , Tongxin Zheng , Eugene Litvinov

In the absence of demand-side bids for certain reliability products in the wholesale electricity markets, Independent System Operators (ISOs) traditionally use fixed demand requirements with penalty factors to clear the market. This approach does not allow proper tradeoffs between cost and reliability due to the inelasticity of the fixed requirements. Therefore, ISOs have been replacing the fixed requirements with sloped demand curves. However, the economic interpretation of demand curves, especially for multiple coupled products, is largely missing in both theory and practice. This could lead to the misrepresentation of the demand benefit in the market clearing objective. Using a two-product market model, Part I of this paper reveals two distinct interpretations of demand curves, each associated with a specific form of the market clearing problem. This implies that the construction of demand curves and the use of them in market clearing must be consistent with their economic interpretation. In Part II of this paper, we analyze the sequential and iterative market clearing processes currently implemented in some markets to demonstrate their solution sub-optimality. The root cause of the problem is the lack of a clear representation of the demand benefit. The social surplus optimization based on the proper interpretation of demand curves is proposed.

中文翻译:

多产品电力市场需求曲线的经济解释——第一部分:理论

在电力批发市场中缺少某些可靠性产品的需求方投标的情况下,独立系统运营商 (ISO) 传统上使用带有惩罚因素的固定需求要求来清理市场。由于固定要求的无弹性,这种方法不允许在成本和可靠性之间进行适当的权衡。因此,ISO 一直在用倾斜的需求曲线代替固定要求。然而,需求曲线的经济解释,尤其是对于多耦合产品,在理论和实践中都缺失。这可能导致在市场出清目标中对需求收益的误传。本文的第一部分使用双产品市场模型揭示了需求曲线的两种不同解释,每种解释都与特定形式的市场出清问题相关。这意味着需求曲线的构建和它们在市场出清中的使用必须与其经济解释一致。在本文的第二部分,我们分析了目前在某些市场实施的顺序和迭代市场清算流程,以证明其解决方案的次优性。问题的根本原因是缺乏对需求收益的明确表示。提出了基于需求曲线正确解释的社会剩余优化。问题的根本原因是缺乏对需求收益的明确表示。提出了基于需求曲线正确解释的社会剩余优化。问题的根本原因是缺乏对需求收益的明确表示。提出了基于需求曲线正确解释的社会剩余优化。
更新日期:2020-11-01
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