Managing and operating the reserve market as one insurance system

被引:3
作者
Liu, Youfei [1 ]
Wu, F. F.
Ni, Y. X.
Cai, Bin
机构
[1] JXEPC, Elect Dispatch Ctr, NanChang, Jiangxi, Peoples R China
[2] Univ Hong Kong, Dept Elect & Elect Engn, Hong Kong, Hong Kong, Peoples R China
关键词
provider insurance; reserve market; premium; claim;
D O I
10.1016/j.epsr.2006.10.013
中图分类号
TM [电工技术]; TN [电子技术、通信技术];
学科分类号
0808 ; 0809 ;
摘要
In this paper, it is suggested that the preference of an individual consumer for its power supply reliability should be considered when scheduling the system reserve. The mechanism of 'provider insurance' is introduced and the reserve market is to be managed as an insurance system. In our modeling, the generator who provides the insurance of reliable power supply via its reserve, should always collect the payment (the premium), and be rewarded with the spot market price for its called reserve. The consumer who buys the insurance, pays premium and thus obtains a reliable power supply (the claim). It is argued that such a market mechanism will result in the maximum social welfare. Moreover, it is shown that there is a kind of 'moral hazard in reverse' fact that will further improve the market efficiency. Later on, discussions on implementing the proposed method are given, and an illustrative example is provided to show basic features of the proposed method. (c) 2006 Elsevier B.V. All rights reserved.
引用
收藏
页码:1363 / 1372
页数:10
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