Estimation of Electricity Market Distribution Functions |
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| Authors: | E.J. Anderson A.B. Philpott |
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| Affiliation: | (1) Australian Graduate School of Management, Sydney, Australia;(2) Department of Engineering Science, University of Auckland, New Zealand |
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| Abstract: | In an electricity pool market the market distribution function gives the probability that a generator offering a certain quantity of power at a certain price will not be dispatched all of this quantity by the pool. It represents the uncertainty in a pool market associated with the offers of the other agents as well as demand. We present a general Bayesian update scheme for market distribution functions. To illustrate the approach a particular form of this procedure is applied to real data obtained from a New Zealand electricity generator. |
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| Keywords: | electricity markets optimization Bayesian statistics |
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