Dynamic Incentives for Optimal Control of Competitive Power Systems
This work presents a real-time dynamic pricing framework for future electricity markets. Deduced by first-principles analysis of physical, economic, and communication constraints within the power system, the proposed feedback control mechanism ensures both closed-loop system stability and economic e...
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| Format: | eBook |
| Language: | English |
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KIT Scientific Publishing
2022
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| Series: | Karlsruher Beiträge zur Regelungs- und Steuerungstechnik
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| Collection: | Directory of Open Access Books - Collection details see MPG.ReNa |
| Summary: | This work presents a real-time dynamic pricing framework for future electricity markets. Deduced by first-principles analysis of physical, economic, and communication constraints within the power system, the proposed feedback control mechanism ensures both closed-loop system stability and economic efficiency at any given time. The resulting price signals are able to incentivize competitive market participants to eliminate spatio-temporal shortages in power supply quickly and purposively. |
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| Item Description: | Creative Commons (cc), https://creativecommons.org/licenses/by-sa/4.0/ |
| Physical Description: | 1 electronic resource (288 p.) |
| ISBN: | 1000147941 9783731512097 |