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Author Rodriguez, R.; Negrete-Pincetic, M.; Lorca, A.; Olivares, D.; Figueroa, N.
Title The value of aggregators in local electricity markets: A game theory based comparative analysis Type
Year 2021 Publication Sustainable Energy Grids & Networks Abbreviated Journal SEGAN
Volume 27 Issue Pages 100498
Keywords Information; Flexibility; Potential game; Adaptive expectations method
Abstract Demand aggregators are expected to have a key role in future electricity systems. More specifically, aggregators can facilitate the harnessing of consumers' flexibility. This paper focuses on understanding the value of the aggregator in terms of aggregation of both flexibility and information. We consider the aggregation of flexibility as the ability to exercise a direct control over loads, while the aggregation of information refers to knowledge of the flexibility characteristics of the consumers. Several game theory formulations are used to model the interaction between the energy provider, consumers and the aggregator, each with a different information structure. We develop a potential game to obtain the Nash equilibrium of the non-cooperative game with complete information and we analyze the system dynamics of consumers using the adaptive expectations method in an incomplete information scenario. Several key insights about the value of aggregators are found. In particular, the value of the aggregator is mainly related to the aggregation of information rather than flexibility, and flexibility is valuable only when it can be coordinated. In this sense, prices are not enough to guarantee an effective coordination.
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Corporate Author Thesis
Publisher Place of Publication Editor
Language Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 2352-4677 ISBN Medium
Area Expedition Conference
Notes WOS:000692827300020 Approved
Call Number UAI @ alexi.delcanto @ Serial 1399
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Author Villalobos, C.; Negrete-Pincetic, M.; Figueroa, N.; Lorca, A.; Olivares, D.
Title The impact of short-term pricing on flexible generation investments in electricity markets Type
Year 2021 Publication Energy Economics Abbreviated Journal Energy Econ.
Volume 98 Issue Pages 105213
Keywords Electricity markets; Pricing schemes; Market incentives; Flexibility; Renewable energy
Abstract The massive growth in the integration of variable renewable energy sources is producing several challenges in the operation of power systems and its associated markets. In this context, flexibility has become a critical attribute to allow the system to react to changes in generation or demand levels. Thus, it is critical for market signals at both short and long term scales to include flexibility features, to align agents' incentives with systemic flexibility requirements. In this paper, different pricing schemes for short-term markets are studied, based on various relaxations of the unit commitment problem, including convex-hull approximations, with the aim of representing operational flexibility requirements in a more explicit way. Extensive simulations illustrate the performance of the proposed schemes, as compared to conventional ones, in terms of the capability of the system to properly incentivize flexibility attributes, resulting in better agents' cost recovery and more variable renewable energy utilization. The results show that short-term pricing schemes considered improve the long-term signals for flexible investments but additional changes to market design are still required. Thus, there is a need to revisit historical practices for pricing rules by incorporating additional flexibility-related attributes into them. Several alternatives are discussed and policy recommendations based on these considerations are provided.
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Corporate Author Thesis
Publisher Place of Publication Editor
Language Summary Language Original Title
Series Editor Series Title Abbreviated Series Title
Series Volume Series Issue Edition
ISSN 0140-9883 ISBN Medium
Area Expedition Conference
Notes WOS:000659334500023 Approved
Call Number UAI @ alexi.delcanto @ Serial 1401
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