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Why Marginal Pricing?

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journal of Modern Power Systems and Clean Energy 2023年第3期11卷 693-697页

作者： antonio j.conejo Department of Integrated Systems Engineering and the Department of Electrical and Computer Engineering The Ohio State UniversityColumbusOhio 43210USA

Under perfect competition,marginal pricing results in short-term efficiency and the subsequent right short-term price signals.However,the main reason for the adoption of marginal pricing is not the above,but investment cost recovery.That is,the fact that the profits obtained by infra-marginal technologies(technologies whose production cost is below the marginal price)allow them just to recover their investment costs.On the other hand,if the perfect competition assumption is removed,investment over-recovery or under-recovery generally occurs for infra-marginal technologies.

关键词： Electricity market marginal pricing investment cost recovery maximum social welfare right spatial and temporal price signals

Equilibria in Interdependent Natural-gas and Electric Power Markets: an Analytical Approach

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journal of Modern Power Systems and Clean Energy 2021年第4期9卷 776-787页

作者： Seyedamirabbas Mousavian Beheshteh Raouf antonio j.conejo David D.Reh School of Business Clarkson UniversityPotsdamNew York 13699-5790USA Department of Electrical and Computer Engineering Clarkson UniversityPotsdamNew York 13699-5790USA Department of Integrated Systems Engineering and Department of Electrical and Computed Engineering The Ohio State UniversityColumbusOhio 43210USA

Natural-gas and electric power systems and their corresponding markets have evolved over time independently. However, both systems are increasingly interdependent since combined cycle gas turbines that use natural gas to produce electricity increasingly couple them together. Therefore, suitable analysis techniques are most needed to comprehend the consequences on market outcomes of an increasing level of integration of both systems. There is a vast literature on integrated natural-gas and electric power markets assuming that the two markets are operated centrally by a single operator. This assumption is often untrue in the real world, which necessitates developing models for these interdependent yet independent markets. In this vein, this paper addresses the gap in the literature and provides analytical Nash-Cournot equilibrium models to represent the joint operation of natural-gas and electric power markets with the assumption that the market participants in each market make their own decisions independently seeking the maximum profits, as often is the case in the real world. We develop an analytical equilibrium model and apply the Karush-Kuhn-Tucker (KKT) approach to obtain Nash-Cournot equilibria for the interdependent natural-gas and electric power markets. We use a double-duopoly case to study the interaction of both markets and to derive insightful analytical results. Moreover, we derive closed-form analytical expressions for spot-market equilibria in both natural-gas and electric power markets, which are relevant and of practical significance for decision makers. We complement the double-duopoly study with a detailed sensitivity analysis.

关键词： Electric power market natural-gas market Nash-Cournot equilibria analytical equilibrium model

Benefits of Stochastic Optimization for Scheduling Energy Storage in Wholesale Electricity Markets

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journal of Modern Power Systems and Clean Energy 2021年第1期9卷 181-189页

作者： Hyeong jun Kim Ramteen Sioshansi antonio j.conejo the Department of Integrated Systems Engineering The Ohio State UniversityColumbusOhioUSA the Department of Electrical and Computer Engineering The Ohio State UniversityColumbus.OhioUSA

We propose a two-stage stochastic model for optimizing the operation of energy storage. The model captures two important features: uncertain real-time prices when day-ahead operational commitments are made;and the price impact of charging and discharging energy storage. We demonstrate that if energy storage has full flexibility to make real-time adjustments to its day-ahead commitment and market prices do not respond to charging and discharging decisions, there is no value in using a stochastic modeling framework, i.e., the value of stochastic solution is always zero. This is because in such a case the energy storage behaves purely as a financial arbitrageur day ahead, which can be captured using a deterministic model.We show also that prices responding to its operation can make it profitable for energy storage to "waste" energy, for instance by charging and discharging simultaneously, which is normally sub-optimal. We demonstrate our model and how to calibrate the price-response functions from historical data with a practical case study.

关键词： Energy storage stochastic optimization value of stochastic solution electricity market

Using electricity options to hedge against financial risks of power producers

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journal of Modern Power Systems and Clean Energy 2013年第2期1卷 101-109页

作者： Salvador PINEDA antonio j.conejo Center for Electric Technology Department of Electrical EngineeringTechnical University of DenmarkKgs.LyngbyDenmark University of Castilla-La Mancha Ciudad RealSpain

As a consequence of competition in electricity markets,a wide variety of financial derivatives have emerged to allow market agents to hedge against risks.Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility or unexpected unit failures faced by power producers.A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer.The key features of electricity options to reduce both price and availability risks are illustrated by using two examples.

关键词： Price risk Availability risk Stochastic programming Forward contracts Electricity options

Expansion Planning for Renewable Integration in Power System of Regions with Very High Solar Irradiation

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journal of Modern Power Systems and Clean Energy 2021年第3期9卷 485-494页

作者： Musfer Alraddadi antonio j.conejo Ricardo M.Lima the Department of Electrical and Computer Engineering The Ohio State UniversityColumbusOH 43210USA the Department of Integrated Systems Engineering and the Department of Electrical and Computer Engineering The Ohio State UniversityColumbusOH 43210USA King Abdullah University of Science and Technology Thuwal 23955-6900Kingdom of Saudi Arabia

In this paper,we address the long-term generation and transmission expansion planning for power systems of regions with very high solar irradiation.We target the power systems that currently rely mainly on thermal generators and that aim to adopt high shares of renewable sources.We propose a stochastic programming model with expansion alternatives including transmission lines,solar power plants(photovoltaic and concentrated solar),wind farms,energy storage,and flexible combined cycle gas turbines.The model represents the longterm uncertainty to characterize the demand growth,and the short-term uncertainty to characterize daily solar,wind,and demand patterns.We use the Saudi Arabian power system to illustrate the functioning of the proposed model for several cases with different renewable integration targets.The results show that a strong dependence on solar power for high shares of renewable sources requires high generation capacity and storage to meet the night demand.

关键词： Generation and transmission expansion planning uncertainty solar power wind power

Sensitivity-based Vulnerability Assessment of State Estimation

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journal of Modern Power Systems and Clean Energy 2021年第4期9卷 886-896页

作者： Gonzalo E.Constante-Flores antonio j.conejo jiankang Wang Department of Electrical and Computer Engineering The Ohio State UniversityColumbusUSA Department of Integrated Systems Engineering and the Department of Electrical and Computer Engineering The Ohio State UniversityColumbusUSA

We propose a technique to assess the vulnerability of the power system state estimation. We aim at identifying the measurements that have a high potential of being the target of false data injection attacks. From the perspective of the adversary, such measurements have the following characteristics: ① being influential on the variable estimates;② corrupting their measured values is likely to be undetected. Additionally, such characteristics should not change significantly with the system operation condition. The proposed technique provides a systematic way of identifying the measurements with such characteristics. We illustrate our methodology on a 4-bus system, the New England 39-bus system, and the IEEE 118-bus test system, respectively.

关键词： False data injection attack state estimation sensitivity analysis singular value decomposition

Guest Editorial: Power Systems with Increasing Renewable Penetration: Market, Operations, Planning and Regulation

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journal of Modern Power Systems and Clean Energy 2021年第4期9卷 I0001-I0002页

作者： antonio j.conejo jianhui Wang Angel Arcos Vargas Ohio State University ColumbusOhioUSA Southern Methodist University DallasTexasUSA University of Seville SevilleSpain

Our goal in putting together this special section is to contribute to the conversation on control,operations,planning and regulation of power systems with increasing renewable penetration.Such a conversation will hopefully involve regulators,operators,producers,consumers,and the research community.We hope that this special section will spur innovative ideas that will contribute to ensuring a secure,efficient,and environmentally friendly supply of electrical ener-gy,and to eventually achieve a carbon-free electricity sector.This special section includes 15 research articles on control,operations,regulation,planning,forecasting,and estimation of power systems with increasing renewable penetration.

关键词： Market operations eventually

Long-term Coordination of Transmission and Storage to Integrate Wind Power

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CSEE journal of Power and Energy Systems 2017年第1期3卷 36-43页

作者： antonio j.conejo Yaohua Cheng Ning Zhang Chongqing Kang ISE and ECE Departments at The Ohio State University ColumbusOHUSA State Key Lab of Power Systems Department of Electrical EngineeringTsinghua UniversityBeijing 100084China

A power system with a high wind power integration requires extra transmission capacity to accommodate the intermittency inherent to wind power production.Storage can smooth out this intermittency and reduce transmission requirements.This paper proposes a stochastic optimization model to coordinate the long-term planning of both transmission and storage facilities to efficiently integrate wind power.Both longterm and short-term uncertainties are considered in this model.Long-term uncertainty is described via scenarios,while shortterm uncertainty is described via operating conditions.Garver’s 6-node system and a system representing Northwest China in 2030 are used to illustrate the proposed model.Results indicate that storage reduces transmission requirement and the overall investment,and allows the efficient integration of wind power.

关键词： Long-term planning storage transmission uncertainty wind power

Stochastic seismic inversion and Bayesian facies classification applied to porosity modeling and igneous rock identification

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Petroleum Science 2024年第2期21卷 918-935页

作者： Fábio júnior Damasceno Fernandes Leonardo Teixeira antonio Fernando Menezes Freire Wagner Moreira Lupinacci Exploratory Interpretation and Reservoir Characterization Group(GIECAR) Department of Geology and GeophysicsFederal Fluminense UniversityNiter oiRJ24210-346Brazil Petrobras Rio de JaneiroRJ20231-030Brazil National Institute of Science and Technology of Petroleum Geophysics(INCT-GP/CNPQ) Niter oiRJ24210-346Brazil

We apply stochastic seismic inversion and Bayesian facies classification for porosity modeling and igneous rock identification in the presalt interval of the Santos Basin. This integration of seismic and well-derived information enhances reservoir characterization. Stochastic inversion and Bayesian classification are powerful tools because they permit addressing the uncertainties in the model. We used the ES-MDA algorithm to achieve the realizations equivalent to the percentiles P10, P50, and P90 of acoustic impedance, a novel method for acoustic inversion in presalt. The facies were divided into five: reservoir 1,reservoir 2, tight carbonates, clayey rocks, and igneous rocks. To deal with the overlaps in acoustic impedance values of facies, we included geological information using a priori probability, indicating that structural highs are reservoir-dominated. To illustrate our approach, we conducted porosity modeling using facies-related rock-physics models for rock-physics inversion in an area with a well drilled in a coquina bank and evaluated the thickness and extension of an igneous intrusion near the carbonate-salt interface. The modeled porosity and the classified seismic facies are in good agreement with the ones observed in the wells. Notably, the coquinas bank presents an improvement in the porosity towards the top. The a priori probability model was crucial for limiting the clayey rocks to the structural lows. In Well B, the hit rate of the igneous rock in the three scenarios is higher than 60%, showing an excellent thickness-prediction capability.

关键词： Stochastic inversion Bayesian classification Porosity modeling Carbonate reservoirs Igneous rocks