Day ahead markets

Kütaruk, Kaan
Day Ahead Market is a mechanism in electricity markets for adjusting the supply-demand energy and capacity balance by providing bids one day before the clearing. Market operator needs to know the available energy and capacity for reaching minimal-cost supply-demand balance one day earlier than the market has been cleared. Minimizing cost of the electricity and capacity during 24 hours of a day requires accurate information concerning the available electricity and capacity. Day-ahead marketing activity is performed so as to reach financial certainty which can remove the risk of incurring high operational and startup prices. For Day Ahead marketing, the trading activity has to be performed one day earlier for the delivery of electricity the next day. Bilateral markets, exchanges and pools are the architectures which employ the Day Ahead Market Model. Each of these architectures or combination can provide financial hedging and unit commitment. The most suitable architecture is chosen by concerns over lack of private markets and nonprofit system operators in performing the coordination functions related with unit commitment. Thus, some theories of market try to explain the structure for evaluating the combinations of different designs. The study will include the development of a mathematical model for Day Ahead Market Architecture and a computer program that will simulate the developed model on the Turkish Electricity Market.


Optimal bidding strategies for day ahead electricity market by risk constrained stochastic price based unit commitment
Shileh Baf, Amir; Ulusoy, İlkay; Tör, Osman Bülent; Department of Electrical and Electronics Engineering (2014)
Optimum bidding curves for a generating company to take part in the day ahead energy market are developed throughout this thesis. Continuous aim of the generating company to maximize its profit will be partly fulfilled by optimizing its bidding in the market. Price uncertainty has always been a major issue for proper bidding and maximizing the payoff. In contrast with traditional Price Based Unit Commitment which is only dependent on a good forecast of energy prices, stochastic programming takes care of the...
Capacity trading in electricity markets
Çubuklu, Ömer; Sevaioğlu, Osman; Department of Electrical and Electronics Engineering (2012)
In electricity markets, capacity cost must be determined in order to make capacity trading. In this thesis, capacity cost and the factors deriving the capacity cost are studied. First, fixed capacity cost of power plants is examined. Direct and indirect costs of fixed capacity cost are detailed with respect to different types of power plants and the impact of these factors to the capacity cost is given. Second, interconnection and system utilization costs of transmission and distribution system are consider...
Stochastic wind-thermal generation coordination for Turkish day-ahead electricity market /
Aydoğdu, Aycan; Güven, Ali Nezih; Tör, Osman Bülent; Department of Electrical and Electronics Engineering (2014)
Uncertainties in wind power forecast, day-ahead and imbalance prices for the next day possess a great deal of risk to the profit of generation companies (GENCOs) participating in a day-ahead electricity market. GENCOs are exposed to imbalance penalties in the balancing market for any mismatch between their day-ahead power bids and real-time generations. Proper coordination of wind generation with thermal generation reduces this risk associated with wind uncertainty. This thesis proposes an optimal bidding a...
Short term electricity price forecasting in Turkish electricity market
Özgüner, Erdem; Güven, Ali Nezih; Tör, O. Bülent; Department of Electrical and Electronics Engineering (2012)
With the aim for higher economical efficiency, considerable and radical changes have occurred in the worldwide electricity sector since the beginning of 1980s. By that time, the electricity sector has been controlled by the state-owned vertically integrated monopolies which manage and control all generation, transmission, distribution and retail activities and the consumers buy electricity with a price set by these monopolies in that system. After the liberalization and restructuring of the electricity powe...
Price based unit commitment with reserve considerations
Okuşluğ, Ali; Güven, Ali Nezih; Tör, Osman Bülent; Department of Electrical and Electronics Engineering (2013)
In electricity markets of modern electric power systems, many generation companies, as major market participants, aim to maximize their profits by supplying the electrical load in a competitive manner. This thesis is devoted to investigate the price based unit commitment problem which is used to optimize generation schedules of these companies in deregulated electricity markets. The solution algorithm developed is based on Dynamic Programming and Lagrange Relaxation methods and solves the optimization probl...
Citation Formats
K. Kütaruk, “Day ahead markets,” M.S. - Master of Science, Middle East Technical University, 2013.