Comparison of Values of a Spot Market for Electricity,

Abstract

This paper is concerned with a market for electricity that has been successfully operating in Florida since 1978 -- the Florida Energy Broker provides an hourly spot market for energy traded at the wholesale level between utilities with bilateral contracts. The Florida Energy Broker is a central computer matching bids and offers made by participating utilities. Participating utilities as a whole realize important savings. In 1980 savings to utilities exceeded $40 million, roughly two percent of the total fuel bill. These savings are distributed to participating utilities according to a predefined policy. This paper compares the distribution of savings resulting from the Broker policy and two alternative policies: one is defined as the Shapely value applied to the Broker market considered as a cooperative game with possibilities of coalitions, another results from the application of the market clearing price which is the core of the previous game.

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Document Details

Document Type
Technical Report
Publication Date
Feb 01, 1984
Accession Number
ADA153160

Entities

People

  • F. Labrune

Organizations

  • RAND Corporation

Tags

DTIC Thesaurus Topics

  • Algorithms
  • Computations
  • Computers
  • Contracts
  • Cooperative Games
  • Electric Power
  • Electricity
  • Energy Production
  • Gain
  • Game Theory
  • Generators
  • Load Monitoring
  • Monte Carlo Method
  • Random Number Generators
  • Simulations
  • Transmission Loss

Fields of Study

  • Economics

Readers

  • Database Systems and Applications
  • Energy Conservation and Renewable Energy Engineering.
  • Game Theory.