Abstract
To further promote market competition, enrich trading varieties, alleviate information asymmetry, and improve trading efficiency during electricity market reform in China, the continuous bidirectional transaction (CBT) was designed and applied in the Yunnan electricity market (YNEM), which is dominated by medium- and long-term power energy trading. The clearing model for the CBT with the goal of maximum social welfare is proposed in two bidding stages, including call auction (CA) and continuous double auction (CDA). Correspondingly, the integrated two-stage market clearing algorithm is also introduced to ensure the data consistency and business continuity. Finally, the analysis of the practical application shows that the proposed model, algorithm, and various key implementation strategies of the trading platform support the bidding and clearing of the CBT well. In addition, the research and application of CBT may also provide valuable insights for other electricity market construction.
Highlights
Over the last few decades, the installed power-generation capacity of China has exploded, especially for hydropower capacity, increasing from 20 GW in 1980 to 352 GW in 2018 [1,2]
Since the beginning of 2015, China has been in the process of electricity market reform, and all provinces or regions are actively exploring the suitable market mechanism and construction
A new trading mechanism is proposed, which is characterized by a sequential bidding and clearing process that integrates call auction (CA) and continuous double auction (CDA)
Summary
Over the last few decades, the installed power-generation capacity of China has exploded, especially for hydropower capacity, increasing from 20 GW in 1980 to 352 GW in 2018 [1,2]. Wasted hydropower is often associated with the rapid deployment of hydropower because of a lack of energy planning, delayed construction of power grid, and multiple interest game [3]. According to official statistics, wasted hydropower exceeded 28.7 terawatt hours (TWh) and 31 TWh, respectively, in Sichuan and Yunnan in 2016 [4], which are the two hydropower-dominated power grids. This is a very serious problem and partly motivated the electricity market reform. Since the new round of electricity market reform in 2015, various regions and provinces in China have created medium- and long-term electricity markets, and a great deal of progress has been made
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