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A proposed hedge-based energy market model to manage renewable intermi by Chris Johnathon, Ashish Prakash Agalgaonkar et al

Renewable energy power producers are exposed to significant volatility in revenue due to intermittency associated with wind and solar energy. Moreover, higher penetration of variable renewable energy in the electric grids is significantly increasing the cost associated with procuring reserves, resulting in higher electricity costs to consumers. Hence, a market that can appropriately distribute the cost of procuring reserves whilst ensuring revenue stability for renewable energy producers is crucial. In this work, the authors propose a novel hedge-based energy market model that allows renewable generators to secure hedge contracts from flexible generating technologies as insurance against weather-driven energy deficits. The proposed model supplements a representative day-ahead market model and maximizes the revenue of market participants whilst diminishing the costs of procuring reserves and generating investment signals for green projects. A mathematical model is formulated to determin

Karush kuhn tuckerEnergy marketGreen financeMarket modelingVariable renewable energy

An Evaluation Framework to Assess the Performance of Electricity Marke by Chris Johnathon, Ashish Agalgaonkar et al

Electricity markets around the world are undergoing a rapid transformation from a centralized structure involving large-scale fossil fuel-based generation to several small-scale, widespread generating technologies such as the variable renewable energy. The existing electricity markets were developed for conventional generators; integration of more VRE into grids can lead to adverse events within these market models. As a result, new market designs are being developed to reform the structure of existing electricity markets. In this paper, an evaluation framework is proposed to aid decision makers in assessing the performance of the newly developed electricity markets. The proposed evaluation framework assesses a market model based on five desirable attributes of electricity markets: Economic Efficiency, Macroeconomic Stability, Sustainability, Revenue Stability, and Viability. Furthermore, the applicability of the proposed market evaluation framework is demonstrated using various market

Economic efficiencyMacroeconomic stabilityRevenue stabilityEnergy marketsMarket modelingOwer system economics and variable renewable energyRisk management

David Harrison and Jason dePreaux Join Beacon Group to Lead Market Modeling Practice

David Harrison and Jason dePreaux Join Beacon Group to Lead Market Modeling Practice
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David harrisonBeacon groupPreaux join beacon groupLead market modelingMarket modelingVice president