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Contents
Introduction to Power Market
Real-Time Market
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Power Markets (1)
Power markets are theonly markets that can
suffer an instability whichoccurs in less than asecond like a blackout. Inthis consideration, thepower market should be
controled instantaneously.
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Market vs. System perator Market Operator: Operateand/or facilitatethe
market
Registration of market participants
Receiving bids offers from market participants Market clearing
Settlement and invoicing
System Operator: Operatethesystem, ensurereliabilityandsecurity
Real-time dispatch to balance supply and demand
Managing ancillary services to maintain system reliability
Manage congestion
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Basic Market Models
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The Real-Time Market
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No bids
No contract (all Forward)
A price is announced then
suppliers and customers
respond.
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The Real-Time Market (2)
Real-time sales are not under contract!!
1. Exception: PJMs RT pool (Make-whole)
2. Would raising the RT price raise the cost of thepower? (price during 5 min. of the contract)
3. Suppose there is a contract !!
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The Real-Time Market (3)
Suppose there is a contract!!
Is this an exception of RT market to have a contract?
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80 MW
Expected delivery
50 MW
Delivery made
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What determines the Real-Time Price?
The RT price is determined by total actual supply anddemand.
This includes power traded under forward contractsand in the RT market.
Supplier paid: Q1 x (P1 P0) + Q0 x P0 ( loopholes)
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Why Real-Time Markets are not Purely Bilateral
Most markets operate as bilateral. Why is RT not?
Provision of ancillary services.
Speed and capability of bilateral market.
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Thank you for your attention!