Dynamic Incentives for Optimal Control of Competitive Power Systems
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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| Main Author: | |
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| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
KIT Scientific Publishing
2022
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| Series: | Karlsruher Beiträge zur Regelungs- und Steuerungstechnik
17 |
| Subjects: | |
| Online Access: | OAPEN Library: download the publication OAPEN Library: description of the publication |
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| 245 | 1 | 0 | |a Dynamic Incentives for Optimal Control of Competitive Power Systems |
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| 520 | |a 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. | ||
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| 546 | |a English | ||
| 650 | 7 | |a Electrical engineering |2 bicssc | |
| 653 | |a Strommarkt; Dynamische Optimierung; Spieltheorie; Nichtlinearer Reglerentwurf; Mathematische Modellbildung; Electricity Market; Dynamic Optimization; Game Theory; Nonlinear Control; Mathematical Modeling | ||
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