Big Island, HI, USA
Jan. 6, 2003 to Jan. 9, 2003
This paper revisits the possibility of controlling the power system entirely by means of price signals. It expands on notions introduced in an earlier paper and addresses several unresolved issues: problems with linear cost structures, response delays, varying costs, market power, and stability problems caused by market/system interactions. The results suggest that control by price can, in fact, be made to work with some caveats.
Power system control, pricing, market design
Fernando L. Alvarado, "Is System Control Entirely by Price Feasible?", HICSS, 2003, 36th Hawaii International Conference on Systems Sciences, 36th Hawaii International Conference on Systems Sciences 2003, pp. 53b, doi:10.1109/HICSS.2003.1173861