Abstract
One of the most important issues in electric power market design is to create an appropriate auction mechanism. A well-designed auction mechanism should find a reasonable balance between market efficiency and equity. This paper discusses the relationship between supplier bid cost minimization and market efficiency and that between consumer payment minimization and market equity. A balanced auction mechanism based on multi-objective function is presented to have a balanced consideration of efficiency and equity. A framework incorporating supplier bid cost unit commitment and consumer payment dispatch is applied to address this issue and a new method based on multilevel ordering is developed to solve this problem. Numerical testing results show that this method is efficient and the new model can appropriately balance the market efficiency and the equity.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
