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offer-cost-minimization--ocm
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Payment Cost Minimization-Based Short-Term Unit Commitment Considering Incentive-Based Demand
, M.Sc. Thesis Sharif University of Technology ; Hoseini, Hamid (Supervisor)
Abstract
After restructuring in power systems, Independent System Operators (ISO's) are looked for an appropriate auction mechanism to find the market operation point. In deregulated electricity markets, Offer Cost Minimization (OCM) auction is used to minimize the total bid cost for selecting offer and demand bids. But a uniform market clearing price (MCP) or Locational Marginal Price (LMP) is used for consumer payments. Hence, the minimized bid cost is different from settlement cost. The used mechanisms are for manufactures offer and their cost functions optimization. The Payment Cost Minimization (PCM) is one of the mechanims that affect directly on the consumers payment and lead to reduction of...
Comparison of LMPs' Sensitivity under Payment Cost Minimization and Offer Cost Minimization Mechanisms
, Article IEEE Systems Journal ; Volume 9, Issue 4 , January , 2015 , Pages 1507-1518 ; 19328184 (ISSN) ; Hosseini, S. H ; Sharif University of Technology
Institute of Electrical and Electronics Engineers Inc
2015
Abstract
There are different choices for auction and settlement mechanisms in electricity markets; however, selecting the appropriate mechanisms is too hard. Traditionally, the offer cost minimization (OCM) mechanism that minimizes the total offer cost is used as the clearing mechanism, and payments are calculated based on locational marginal prices (LMPs). Under this setup, the clearing and settlement mechanisms are inconsistent, since the minimized cost is different from the total payment cost. Some recent studies have proposed the payment cost minimization (PCM) mechanism. However, the discussion is still open, and different aspects of these mechanisms are yet needed to be analyzed. This paper...