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Impacts of Forecasting Errors in Centralized and Decentralized Electricity Markets
RISE Research Institutes of Sweden.
RISE Research Institutes of Sweden, Safety and Transport, Measurement Technology.ORCID iD: 0000-0003-2092-6866
2020 (English)In: International Conference on the European Energy Market, EEM, IEEE Computer Society , 2020, article id 9221973Conference paper, Published paper (Refereed)
Abstract [en]

A decentralization of electricity markets, with an introduction of smaller local marketplaces, is sometimes suggested as a suitable development when a growing share electricity generation comes from distributed sources. This paper presents a stylized model for comparing market outcomes between a decentralized and a centralized market structure, focusing on the effect that forecasting errors have on market outcomes. Using Monte Carlo simulations, it is shown that forecasting errors propagate into somewhat larger scheduling errors under a decentralized market structure.

Place, publisher, year, edition, pages
IEEE Computer Society , 2020. article id 9221973
Keywords [en]
Errors, Monte Carlo methods, Power markets, Centralized market, Decentralized electricity, Distributed sources, Electricity generation, Forecasting error, Market outcomes, Market structures, Forecasting
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:ri:diva-50979DOI: 10.1109/EEM49802.2020.9221973Scopus ID: 2-s2.0-85094820681ISBN: 9781728169194 (print)OAI: oai:DiVA.org:ri-50979DiVA, id: diva2:1509547
Conference
17th International Conference on the European Energy Market, EEM 2020, 16 September 2020 through 18 September 2020
Note

Funding text 1: ACKNOWLEDGMENT The authors would like to acknowledge the financial support for this work from the ERA-Net Smart Grid Plus project m2M-GRID, http://m2m-grid.eu/.

Available from: 2020-12-14 Created: 2020-12-14 Last updated: 2020-12-15Bibliographically approved

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Brolin, Magnus

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