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Research on Effective Bidding Mechanism for the Electricity Market Model of Single Purchaser

Author: QinZhiQiang
Tutor: ZhaoHuiRu
School: North China Electric Power University (Beijing)
Course: Quantitative Economics
Keywords: Single buyer model Electricity market bidding mechanism Power purchase options Generalized Vickrey auction Incentive compatibility Tacit collusion
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 49
Quote: 0
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Abstract


The theoretical study and the electricity market operating experience indicate that uniform price clearing mechanism and offer settlement auction mechanism have failed to motivate power producers in accordance with the true cost quotes . Therefore , it is necessary to design an effective bidding mechanism to stimulate the generation companies offer in accordance with the true cost of power efficient allocation of resources . In order to design a single buyer model electricity market bidding mechanism , the paper according to the mechanism design theory and effective auction theory , combined with the mode characteristics , from the theoretical analysis of the fundamental properties of the single buyer model electricity market bidding mechanism , that incentive compatibility individual rationality , steady market balance account as well as suppression of tacit collusion between power producers ; through the introduction of the power purchase options , so that the market can take the initiative to adjust the spot bids electricity , according to the power suppliers offer strategies to break the tacit understanding between the power suppliers speculative bidding strategy balanced pattern and thus restrain the power suppliers conspiracy ; , and the whole process of the power purchase options and premium pricing ; incentive is designed based on the generalized Vickrey auction and a single buyer model electricity market operation principle of balanced funds in the account , power market bidding mechanism , verify the new mechanism not only to meet the incentive compatibility and individual rationality constraints , the steady electricity market balance account , and has the characteristics of tacit collusion inhibit the generation companies , showed that the effectiveness of the mechanism .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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