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A discussion on electricity prices, or the two sides of the coin
Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences ( IF 5 ) Pub Date : 2021-06-07 , DOI: 10.1098/rsta.2019.0428
Juan Pablo Luna 1 , Claudia Sagastizábal 2 , Paulo J. S. Silva 2
Affiliation  

We examine how different pricing frameworks deal with non-convex features typical of day-ahead energy prices when the power system is hydro-dominated, like in Brazil. For the system operator, requirements of minimum generation translate into feasibility issues that are fundamental to carry the generated power through the network. When utilities are remunerated at a price depending on Lagrange multipliers computed for a system with fixed commitment, the corresponding values sometimes fail to capture a signal that recovers costs. Keeping in mind recent discussions for the Brazilian power system, we analyse mechanisms that provide a compromise between the needs of the generators and those of the system operator. After characterizing when a price supports a generation plan, we explain in simple terms dual prices and related concepts, such as minimal uplifts and bi-dual problems. We present a new pricing mechanism that guarantees cost recovery to all agents, without over-compensations. Instead of using Lagrange multipliers, the price is defined as the solution to an optimization problem. The behaviour of the new rule is compared to two other proposals in the literature on illustrative examples, including a small, yet representative, hydro-thermal system.

This article is part of the theme issue ‘The mathematics of energy systems’.



中文翻译:

关于电价的讨论,或硬币的两个方面

我们研究了不同的定价框架如何处理当电力系统以水力为主导时(如巴西)的日前能源价格典型的非凸特征。对于系统运营商来说,最小发电量的要求转化为可行性问题,这是通过网络传输发电量的基础。当公用事业的报酬取决于为具有固定承诺的系统计算的拉格朗日乘数的价格时,相应的值有时无法捕获收回成本的信号。牢记最近对巴西电力系统的讨论,我们分析了在发电机需求和系统运营商需求之间提供折衷的机制。在描述了一个价格何时支持一个发电计划之后,我们简单地解释一下双价和相关概念,例如最小的隆起和双重问题。我们提出了一种新的定价机制,可以保证所有代理的成本回收,而不会过度补偿。价格被定义为优化问题的解决方案,而不是使用拉格朗日乘数。新规则的行为与文献中关于说明性示例的其他两个建议进行了比较,包括一个小但具有代表性的水热系统。

这篇文章是主题问题“能量系统的数学”的一部分。

更新日期:2021-06-07
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