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Necessary and sufficient conditions for optimal offers in electricity markets

Anderson, Edward J. and Xu, Huifu (2002) Necessary and sufficient conditions for optimal offers in electricity markets SIAM Journal on Control and Optimization, 41, (4), pp. 1212-1228. (doi:10.1137/S0363012900367801).

Record type: Article


In this paper, we consider the optimal policy for a generator offering power into a wholesale electricity market operating under a pool arrangement. Anderson and Philpott [Math. Oper. Res., 27 (2002), pp. 82--100] recently discussed necessary conditions for an optimal offer curve when there is uncertainty in the demand and in the behavior of other participants in the market. They show that the objective function in these circumstances can be expressed as a line integral along the offer curve of a profit function integrated with respect to a market distribution function. In this paper, we prove the existence of an optimal offer stack, and we extend the analysis of [Math. Oper. Res., 27 (2002), pp. 82--100] to include necessary conditions of a higher order in the presence of horizontal and/or vertical sections in an offer curve. Finally, we establish sufficient conditions for an offer curve to be locally optimal.

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Published date: 2002
Keywords: electricity markets, optimal offer, necessary conditions, sufficient conditions
Organisations: Operational Research


Local EPrints ID: 29691
PURE UUID: b15b2f98-8cfd-42a0-b610-b1f841494dbd

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Date deposited: 12 May 2006
Last modified: 17 Jul 2017 15:57

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Author: Edward J. Anderson
Author: Huifu Xu

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