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    Block order restrictions in combinatorial electric energy auctions

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    Publication type
    Vlerick strategic journal article
    Author
    Meeus, Leonardo
    Verhaegen, K.
    Belmans, Ronnie
    Publication Year
    2009
    Journal
    European Journal of Operational Research
    Publication Volume
    196
    Publication Issue
    3
    Publication Begin page
    1202
    Publication End page
    1206
    
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    Abstract
    In Europe, the auctions organized by “power exchanges” one day ahead of delivery are multi-unit, double-sided, uniformly priced combinatorial auctions. Generators, retailers, large consumers and traders participate at the demand as well as at the supply side, depending or whether they are short or long in electric energy. Because generators face nonconvex costs, in particular startup costs and minimum run levels, the exchanges allow "block orders" that are allor-nothing orders of a given amount of electric energy in multiple consecutive hours, while the standard order consists of an amount for a single hour that can be curtailed. All exchanges restrict the size (MWh/h), the type (span in terms of hours) or the number (per participant per day) of blocks that can be introduced. This paper discusses the rationale of block order restrictions. Based on simulations with representative scenarios, it is argued that the restrictions could be relaxed, which some exchanges have already started doing.
    Keyword
    Energy Markets, OR in Energy, E-commerce, Combinatorial Auctions/bidding, Pricing, Integer Programming
    Knowledge Domain/Industry
    Special Industries : Energy
    DOI
    10.1016/j.ejor.2008.04.031
    URI
    http://hdl.handle.net/20.500.12127/4620
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.ejor.2008.04.031
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