Journal
OPERATIONS RESEARCH
Volume 58, Issue 4, Pages 1210-1219Publisher
INFORMS
DOI: 10.1287/opre.1090.0800
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Funding
- New Zealand Public Good Science Fund [UOA0203]
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We discuss a stochastic-programming-based method for scheduling electric power generation subject to uncertainty. Such uncertainty may arise from either imperfect forecasting or moment-to-moment fluctuations, and on either the supply or the demand side. The method gives a system of locational marginal prices that reflect the uncertainty, and these may be used in a market settlement scheme in which payment is for energy only. We show that this scheme is revenue adequate in expectation.
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