Mathematical modeling and solution approaches for balancing Turkish electricity day ahead market

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2015

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Yörükoğlu, Sinan

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In the Turkish Electricity Market, electricity trade is carried out largely through Bilateral Agreements and the emerging short term imbalances are settled in the Balancing Power Market, particularly the Day Ahead Market. In the Day Ahead Market, the participants submit their bids for each hour of the next day in the form of price-quantity pairs and the Market Operator evaluates those bids using an optimization tool. After the evaluation of the bids, a Market Clearing Price at every hour of the next day and the accepted bids are announced. In this thesis, a mathematical model for balancing a day in the Turkish Electricity Day Ahead Market is proposed. All types of bids, including hourly, block and ﬂexible bids, are included in the model. As the objective function of the model, “total economic welfare”, which is the sum of consumer surplus and producer surplus, is used. In the model, “paradoxically rejected block orders” are also taken into consideration and a bi-criteria solution approach is proposed for this purpose. An extension of this solution method is also applied as a second approach. Since the proposed model is a mixed integer non-linear programming model, a linear approximation to the objective function is proposed in order to overcome the possible problems at the solution phase. Both models are tested by using several different, generated data sets, and applying the proposed bi-criteria solution approaches. Both solution approaches include total economic welfare and the number of paradoxically rejected block orders as the two criteria. The results and performance of the proposed methods and models are discussed at the end of the study.

Subject Keywords

Electric power consumption, Energy consumption, Nonlinear programming.

URI

http://etd.lib.metu.edu.tr/upload/12619301/index.pdf
https://hdl.handle.net/11511/25035

Collections

Graduate School of Natural and Applied Sciences, Thesis

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Citation Formats

S. Yörükoğlu, “Mathematical modeling and solution approaches for balancing Turkish electricity day ahead market,” M.S. - Master of Science, Middle East Technical University, 2015.