A Hyperbolic Bid Stack Approach to Electricity Price Modelling PDF Download

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A Hyperbolic Bid Stack Approach to Electricity Price Modelling

A Hyperbolic Bid Stack Approach to Electricity Price Modelling PDF Author: Krisztina Katona
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Languages : en
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Book Description
Modelling the energy price in the Australian National Electricity Market (NEM) in a semi-structural manner calls for a multi-regional model wherein bidding is not required to be cost-based, renewable fuels and storage technology are structurally integrated, and network constraints are often binding in optimal dispatch. Available fuel capacity then does not necessarily sum to registered bid capacity, as-bid fuel costs do not dependably follow input fuel prices, and cross-regional interconnectedness requires modelling trade. Furthermore, modelling the NEM spot price path must admit price negativity and price spikes. The present paper extends the work of Carmona, Coulon and Schwarz (2013) and proposes a hyperbolic bid stack approach to price modelling under these conditions.