Dynamic pricing of electricity in retail markets |
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Authors: | Chefi Triki Antonio Violi |
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Institution: | (1) Department of Mathematics, University of Lecce, Via per Arnesano, 73100 Lecce, Italy;(2) CESIC-NEC, c/o University of Calabria, Arcavacata, 87036 Rende (CS), Italy |
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Abstract: | This paper aims at defining a dynamic and flexible tariff structure for a distribution company that protects the retail consumers
against the excessive fluctuations of the wholesales market prices. We propose a two-stage pricing scheme that sets in a first-stage
a time-of-use tariff that is corrected later by a dynamic component once the real-time demand has been observed. A personalized
tariff scheme may be offered by a distribution company to each dynamic customer by allowing him to choose the appropriate
robustness level expressed in terms of variability between the first and the second-stage decisions. The arising limited recourse
model has been tested on realistic test problems, by using a slight modification of a recently proposed interior point solution
framework.
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Keywords: | Electricity market Pricing methods Stochastic Programming |
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