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DOI | 10.1016/j.enpol.2019.06.059 |
Cross-product manipulation with intertemporal constraints: An equilibrium model | |
Guo, Nongchao1; Lo Prete, Chiara2 | |
2019-11-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 134 |
文章类型 | Article |
语种 | 英语 |
国家 | USA |
英文摘要 | The use of uneconomic virtual transactions in day-ahead electricity markets with the intent to benefit related financial positions constitutes cross-product manipulation, and has emerged as a policy concern in recent years. Developing analytical frameworks and models to explain the means for achieving sustained day-ahead price manipulation is a challenge. This paper presents a two-stage equilibrium model of day-ahead price manipulation to enhance the value of financial transmission rights (FTRs). We cast the problem as a Stackelberg game between manipulating traders in the day-ahead market (leaders) and generating firms, grid operator and traders without FTRs in the day-ahead and real-time markets (followers). The model accounts for features specific to electricity systems, like intertemporal constraints of power generating units and real-time uncertainty, and considers imperfect competition as a condition allowing manipulation in equilibrium. We simulate hourly financial trading and operations decisions in a small test system for 24 hours. Results suggest that cross-product manipulation is sustained in equilibrium only when both physical and financial participants engage in Cournot competition. Further, as a result of loop flows, price separation between FTR source and sink may be induced by virtual transactions at network locations that are not on the FTR path. |
英文关键词 | Virtual transactions Financial transmission rights Electricity price manipulation Equilibrium models Mathematical program with equilibrium constraints (MPEC) |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000498307500010 |
WOS关键词 | 2-SETTLEMENT ELECTRICITY MARKETS ; FINANCIAL TRANSMISSION RIGHTS ; FLEXIBLE RESOURCES ; POWER ; INEFFICIENCIES ; ARBITRAGE ; IMPACT |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/224499 |
专题 | 环境与发展全球科技态势 |
作者单位 | 1.NYISO, Rensselaer, NY USA; 2.Penn State Univ, John & Willie Leone Dept Energy & Mineral Engn, University Pk, PA 16802 USA |
推荐引用方式 GB/T 7714 | Guo, Nongchao,Lo Prete, Chiara. Cross-product manipulation with intertemporal constraints: An equilibrium model[J]. ENERGY POLICY,2019,134. |
APA | Guo, Nongchao,&Lo Prete, Chiara.(2019).Cross-product manipulation with intertemporal constraints: An equilibrium model.ENERGY POLICY,134. |
MLA | Guo, Nongchao,et al."Cross-product manipulation with intertemporal constraints: An equilibrium model".ENERGY POLICY 134(2019). |
条目包含的文件 | 条目无相关文件。 |
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