May 2008
Intermediate to advanced
340 pages
9h 41m
English
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7.3 MARKET CLEARING
In most electricity markets a day-ahead forward market is implemented: hourly contracts for physical delivery on the following day are traded. An hourly-ahead forward market or adjustment market can be implemented too in order to give market participants the possibility of avoiding imbalances.
The electricity market is based on a two-sided auction model: both the supply and demand bids are sent to the Power eXchange (PX). Market equilibrium occurs when the aggregated supply and aggregated demand curve intersect; this intersection represents the Market Clearing Price (MCP) and the Market Clearing Volume (MCV). This market clearing algorithm is shown in Figure 7.2. The demand curve has a negative slope, indicating that as prices fall, the demand increases (‘the first law of demand’). The supply curve has a positive slope. This illustrates the increased costs of providing an additional unit of electricity. Sale bids that are less than or equal to the MCP will be accepted. The settlement price will be the same as the MCP for the bidding quantity. Purchase bids that are higher than or equal to the MCP will be accepted. The settlement price will be the same as the MCP for the bidding quantity.
Figure 7.2 Market clearing algorithm.
Example 7.1 Market clearing
Consider a market with two producers and two consumers. The two producers submit sale bids to the market for ...
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