Dynamic Incentives for Optimal Control of Competitive Power Systems

Dynamic Incentives for Optimal Control of Competitive Power Systems

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This work presents a real-time dynamic pricing framework for future electricity markets. Deduced by first-principles analysis of physical, economic, and communication constraints within the power system, the proposed feedback control mechanism ensures both closed-loop system stability and economic e...

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Bibliographic Details
Main Author: Kölsch, Lukas (auth)
Format: Electronic Book Chapter
Language:English
Published: KIT Scientific Publishing 2022
Series:Karlsruher Beiträge zur Regelungs- und Steuerungstechnik 17
Subjects:
Electrical engineering
Strommarkt; Dynamische Optimierung; Spieltheorie; Nichtlinearer Reglerentwurf; Mathematische Modellbildung; Electricity Market; Dynamic Optimization; Game Theory; Nonlinear Control; Mathematical Modeling
Online Access:OAPEN Library: download the publication
OAPEN Library: description of the publication
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Summary:This work presents a real-time dynamic pricing framework for future electricity markets. Deduced by first-principles analysis of physical, economic, and communication constraints within the power system, the proposed feedback control mechanism ensures both closed-loop system stability and economic efficiency at any given time. The resulting price signals are able to incentivize competitive market participants to eliminate spatio-temporal shortages in power supply quickly and purposively.
Physical Description:1 electronic resource (288 p.)
ISBN:KSP/1000147941
Access:Open Access

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