NDLI: Impacts of Time-Varying Electricity Rates on Forward Contract Scheduling of DisCos

Content Provider	IEEE Xplore Digital Library
Author	Safdarian, A. Fotuhi-Firuzabad, M. Lehtonen, M.
Copyright Year	1986
Abstract	Time-varying electricity rates enable demand-side potentials, which provide an opportunity for distribution companies (DisCos) to hedge against the financial risk imposed by volatile spot market prices and uncertain customers' load. In particular, time-varying rates can be effective alternatives for at least a portion of costly forward contracts. This paper establishes a stochastic framework to determine optimal forward market purchases under time-varying rates. Various electricity rating strategies with different time intervals covering flat, time-of-use, and real-time pricing schemes are considered. The objective of the framework is to maximize DisCo's expected profit while the exposure risk is restricted to a predetermined level. The risk is modeled using the conditional value at risk approach. The elastic behavior of demand is taken into account via the price elasticity matrix model. The proposed framework is formulated as a mixed-integer linear programming problem which can be easily solved through commercially available solvers. The effectiveness of the developed methodology is examined through comprehensive case studies based on real data from Finland. A detailed comparison on the scheduling of forward contracts under different rating strategies is also provided.
Sponsorship	IEEE Power Engineering Society
Starting Page	733
Ending Page	741
Page Count	9
File Size	1554383
File Format	PDF
ISSN	08858977
Volume Number	29
Issue Number	2
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2014-01-01
Publisher Place	U.S.A.
Access Restriction	One Nation One Subscription (ONOS)
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Electricity Forward contracts Optimization Load modeling Stochastic processes Uncertainty time-varying electricity rate Demand response distribution company forward contract scheduling risk management stochastic programming
Content Type	Text
Resource Type	Article
Subject	Energy Engineering and Power Technology Electrical and Electronic Engineering

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