Setting of market clearing price (MCP) in Microgrid power scenario

Arup Sinha; A. K. Basu; R. N. Lahiri; S. Chowdhury; S. P. Chowdhury; Peter A. Crossley

doi:10.1109/PES.2008.4596357

Setting of market clearing price (MCP) in Microgrid power scenario

Arup Sinha, A. K. Basu, R. N. Lahiri, S. Chowdhury, S. P. Chowdhury, Peter A. Crossley

Research output: Chapter in Book/Conference proceeding › Conference contribution › peer-review

Abstract

Microgrid comprises an interconnection of various low voltage, small-scale distributed generators (DGs), energy storage devices and controllable loads interfaced through fast acting power electronic devices in an isolated remote area as islanding operation where conventional grid is not available. Combined heat and power (CHP) produced by DGs may be utilized in the local market making the Microgrid most efficient and economic. Like deregulation regime in conventional power market, multi agent generator providers also may be considered to make the Microgrid market equal competitive. The basic objective of a competitive electricity market is to serve the consumers at a reduced price. The objective of this paper is to analyze and propose the pricing mechanism for Microgrid energy in the competitive electricity market where the Microgrid Central controller (μcc) is made to participate in the bidding process to settle market-clearing price (MCP). Two important market settlement techniques, Day-ahead and Real-time, have been considered with the marketing strategies of renewable DGs like Photovoltaic (PV) and wind generation. © 2008 IEEE.

Original language	English
Title of host publication	IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES\|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES
DOIs	https://doi.org/10.1109/PES.2008.4596357
Publication status	Published - 2008
Event	IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES - Pittsburgh, PA Duration: 1 Jul 2008 → …

Conference

Conference	IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES
City	Pittsburgh, PA
Period	1/07/08 → …

Keywords

Distributed generators (DGs)
Energy management
MCP
Microgrid

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/PES.2008.4596357

Cite this

Sinha, A., Basu, A. K., Lahiri, R. N., Chowdhury, S., Chowdhury, S. P., & Crossley, P. A. (2008). Setting of market clearing price (MCP) in Microgrid power scenario. In IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES https://doi.org/10.1109/PES.2008.4596357

@inproceedings{0f553cb37e974b76afd7289bbac5ecb2,

title = "Setting of market clearing price (MCP) in Microgrid power scenario",

abstract = "Microgrid comprises an interconnection of various low voltage, small-scale distributed generators (DGs), energy storage devices and controllable loads interfaced through fast acting power electronic devices in an isolated remote area as islanding operation where conventional grid is not available. Combined heat and power (CHP) produced by DGs may be utilized in the local market making the Microgrid most efficient and economic. Like deregulation regime in conventional power market, multi agent generator providers also may be considered to make the Microgrid market equal competitive. The basic objective of a competitive electricity market is to serve the consumers at a reduced price. The objective of this paper is to analyze and propose the pricing mechanism for Microgrid energy in the competitive electricity market where the Microgrid Central controller (μcc) is made to participate in the bidding process to settle market-clearing price (MCP). Two important market settlement techniques, Day-ahead and Real-time, have been considered with the marketing strategies of renewable DGs like Photovoltaic (PV) and wind generation. {\textcopyright} 2008 IEEE.",

keywords = "Distributed generators (DGs), Energy management, MCP, Microgrid",

author = "Arup Sinha and Basu, {A. K.} and Lahiri, {R. N.} and S. Chowdhury and Chowdhury, {S. P.} and Crossley, {Peter A.}",

year = "2008",

doi = "10.1109/PES.2008.4596357",

language = "English",

isbn = "9781424419067",

booktitle = "IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES",

note = "IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES ; Conference date: 01-07-2008",

}

Sinha, A, Basu, AK, Lahiri, RN, Chowdhury, S, Chowdhury, SP & Crossley, PA 2008, Setting of market clearing price (MCP) in Microgrid power scenario. in IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES. IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES, Pittsburgh, PA, 1/07/08. https://doi.org/10.1109/PES.2008.4596357

Setting of market clearing price (MCP) in Microgrid power scenario. / Sinha, Arup; Basu, A. K.; Lahiri, R. N. et al.
IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES. 2008.

Research output: Chapter in Book/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Setting of market clearing price (MCP) in Microgrid power scenario

AU - Sinha, Arup

AU - Basu, A. K.

AU - Lahiri, R. N.

AU - Chowdhury, S.

AU - Chowdhury, S. P.

AU - Crossley, Peter A.

PY - 2008

Y1 - 2008

N2 - Microgrid comprises an interconnection of various low voltage, small-scale distributed generators (DGs), energy storage devices and controllable loads interfaced through fast acting power electronic devices in an isolated remote area as islanding operation where conventional grid is not available. Combined heat and power (CHP) produced by DGs may be utilized in the local market making the Microgrid most efficient and economic. Like deregulation regime in conventional power market, multi agent generator providers also may be considered to make the Microgrid market equal competitive. The basic objective of a competitive electricity market is to serve the consumers at a reduced price. The objective of this paper is to analyze and propose the pricing mechanism for Microgrid energy in the competitive electricity market where the Microgrid Central controller (μcc) is made to participate in the bidding process to settle market-clearing price (MCP). Two important market settlement techniques, Day-ahead and Real-time, have been considered with the marketing strategies of renewable DGs like Photovoltaic (PV) and wind generation. © 2008 IEEE.

AB - Microgrid comprises an interconnection of various low voltage, small-scale distributed generators (DGs), energy storage devices and controllable loads interfaced through fast acting power electronic devices in an isolated remote area as islanding operation where conventional grid is not available. Combined heat and power (CHP) produced by DGs may be utilized in the local market making the Microgrid most efficient and economic. Like deregulation regime in conventional power market, multi agent generator providers also may be considered to make the Microgrid market equal competitive. The basic objective of a competitive electricity market is to serve the consumers at a reduced price. The objective of this paper is to analyze and propose the pricing mechanism for Microgrid energy in the competitive electricity market where the Microgrid Central controller (μcc) is made to participate in the bidding process to settle market-clearing price (MCP). Two important market settlement techniques, Day-ahead and Real-time, have been considered with the marketing strategies of renewable DGs like Photovoltaic (PV) and wind generation. © 2008 IEEE.

KW - Distributed generators (DGs)

KW - Energy management

KW - MCP

KW - Microgrid

U2 - 10.1109/PES.2008.4596357

DO - 10.1109/PES.2008.4596357

M3 - Conference contribution

SN - 9781424419067

BT - IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES

T2 - IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES

Y2 - 1 July 2008

ER -

Sinha A, Basu AK, Lahiri RN, Chowdhury S, Chowdhury SP, Crossley PA. Setting of market clearing price (MCP) in Microgrid power scenario. In IEEE Power and Energy Society 2008 General Meeting: Conversion and Delivery of Electrical Energy in the 21st Century, PES|IEEE Power Energy Soc. Gen. Meet.: Convers. Deliv. Electr. Energy Century, PES. 2008 doi: 10.1109/PES.2008.4596357

Setting of market clearing price (MCP) in Microgrid power scenario

Abstract

Conference

Keywords

UN SDGs

Access to Document

Fingerprint

Cite this