A description of the operative decision-making process of a power generating company on the Nordic electricity market
2014 (English)In: Energy Systems, Springer Verlag, ISSN 1868-3967, E-ISSN 1868-3975, Vol. 5, no 2, 349-369 p.Article in journal (Refereed) Published
In a liberalised electricity market, power generating companies face various trading possibilities. In addition, they have to take scheduling decisions. Both kinds of decisions are affected by uncertainties, e.g. power plant outages, uncertain market prices for electricity or imperfect wind power forecasts. This paper presents an overview of the decision-making process of a power generating company on the Nordic electricity market and illustrates how uncertainties affect this process. As a power generating company’s return on investment arises - at least partly - from its trading and scheduling decisions, it is important to optimise those decisions. Therefore, selected optimisation models are listed in a condensed manner. The paper also includes a both detailed and comprehensive description of the market design in the Nordic countries.
Place, publisher, year, edition, pages
Springer, 2014. Vol. 5, no 2, 349-369 p.
Electricity trading, Power producer, Nordic power system, Decisions under uncertainty, Bidding strategy, Risk management
Other Electrical Engineering, Electronic Engineering, Information Engineering
IdentifiersURN: urn:nbn:se:kth:diva-140704DOI: 10.1007/s12667-013-0104-2ScopusID: 2-s2.0-84901004341OAI: oai:DiVA.org:kth-140704DiVA: diva2:692290
ProjectsElektra 36141: Korttidsplanering av vatten-värmekraftsystem vid stora mängder vindkraft: System-perspektivet
QC 201409232014-01-302014-01-302015-09-11Bibliographically approved