Structures and formulations for electric power auctions

Various auction structures have been proposed for use in electric power markets throughout the world. Different auction structures are needed for different regions of the world. The available auction structures used presently may not be applicable in all regions that are restructuring to the price-based competitive environment. In addition, the auction structures used currently are being adjusted to improve the efficiency and suitability to those regions of the world in which restructuring has already taken place. This work illustrates various formulations for auctions when different structures of auctions are desired. Comprehensive formulations are developed for many more cases than previously available in the literature. This work clearly separates the cases based on commodity criteria and thus the formulations can be easily modified for other cases that are not presented in this work. (C) 2000 Published by Elsevier Science S.A. All rights reserved.