The value of online information for demand response in Walrasian electricity markets

Felix Claessen, Bart Liefers, Michael Kaisers, Han La Poutré

Research output: Chapter in Book/Conference proceedings/Edited volumeConference contributionScientificpeer-review

Abstract

Smart energy systems integrate renewables and demand response. Most European electricity markets coordinate the resulting time-varying flexibility in demand and supply by organising day-ahead trade with Walrasian mechanisms, using simultaneous call auctions and sealed bids. These mechanisms give bidders no information on each other's values and flexibilities until after clearing. In this paper we simulate two alternative day-ahead market mechanisms which share information, such that bidders obtain a better position before entering the intraday market. One mechanism uses an ascending shared market price signal rather than sealed bids. The other auctions off future timeslots consecutively rather than simultaneously. We perform a case study on 400 households with electric vehicles, either with or without volatile wind generation. Results show that a price-taking flexible consumer can obtain higher utility in the market with simultaneous ascending-price auctions, because online price information reduces uncertainty over available energy and prices.
Original languageEnglish
Title of host publicationProceedings of the 2015 IEEE Innovative Smart Grid Technologies - Asia (ISGT ASIA)
Place of PublicationPiscataway, NJ
PublisherIEEE
Pages1-6
Number of pages6
ISBN (Electronic)978-1-5090-1238-1
DOIs
Publication statusPublished - 2015
Event2015 IEEE Innovative Smart Grid Technologies - Bangkok, Thailand
Duration: 3 Nov 20156 Nov 2015
http://www.ieee-pes.org/isgt-asia-2015-thailand

Conference

Conference2015 IEEE Innovative Smart Grid Technologies
Abbreviated titleISGT ASIA 2015
CountryThailand
CityBangkok
Period3/11/156/11/15
Internet address

Keywords

  • smart grids
  • decentralised control
  • energy management
  • power system economics

Fingerprint Dive into the research topics of 'The value of online information for demand response in Walrasian electricity markets'. Together they form a unique fingerprint.

Cite this