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Determination of Market Clearing Price in Pool Markets with Elastic Demand

Bijuna Kunju K, P. S. NAGENDRA RAO

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Abstract

Abstract—Determination of Market Clearing Price is one of the prime functions of a pool operator. In many of the existing markets, market clearing is based on stepped bids received from generators and consumers. However, quadratic bid functions have more information and are more realistic. A simple closed form solution scheme to compute the clearing price from such supply and offer bids submitted to the operator is proposed in this paper. I.

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Abstract—Determination of Market Clearing Price is one of the prime functions of a pool operator. In many of the existing markets, market clearing is based on stepped bids received from generators and consumers. However, quadratic bid functions have more information and are more realistic. A simple closed form solution scheme to compute the clearing price from such supply and offer bids submitted to the operator is proposed in this paper. I.

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Available abstract

Abstract—Determination of Market Clearing Price is one of the prime functions of a pool operator. In many of the existing markets, market clearing is based on stepped bids received from generators and consumers. However, quadratic bid functions have more information and are more realistic. A simple closed form solution scheme to compute the clearing price from such supply and offer bids submitted to the operator is proposed in this paper. I.

Key concepts: Clearing, Market clearing, Operator (biology), Economics, Supply and demand, Microeconomics, Quadratic equation, Supply

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