The FERC SMD and the Midwest Electricity Markets.ppt
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1、Paliza Consulting, LLC. ,1,The FERC SMD and the Midwest Electricity Markets,IEEE PES Chicago Chapter Chicago, IL - January 8, 2003Roberto F. Paliza, Ph.D.,Paliza Consulting, LLC. ,2,Agenda,FERC SMD Focus is in the RTM, DAM, and FTRs What is missing in the SMD? Inter-ITP coordination Midwest Markets
2、Initiative MISO-SPP MISO-PJM-SPP joint and common market,Paliza Consulting, LLC. ,3,FERC SMD,Sets the direction for the design and implementation of wholesale markets. Defines the desired end state for these markets. Does not provide solution for transitional issues although establishes principles t
3、o be followed. Provides flexibility in regards to timing of the implementation and in accommodating regional differences.,Paliza Consulting, LLC. ,4,Basic Elements of the SMD,From an operational perspective: Real-time market Day-ahead market Ancillary services market Congestion revenue rights market
4、 Market power monitoring & mitigation Capacity requirement Markets administered by RTOs/ITPs,Paliza Consulting, LLC. ,5,Hedge Congestion,RTO Market Settlements At Nodal Prices,Bid based Security- Constrained Dispatch,Self Schedules,Load Bids,Generator Bids,Bilateral Schedules,ITP Market Operations,I
5、TP Functions,Market Inputs,Market Support,CongestionRedispatch,Cover Imbalances,Real-Time Balancing,Buy Through Congestion,Buy and Sell In Spot Market,Market-Driven Decisions,Transmission Rights,$,Calculate Nodal Prices,Ensure Reliability,Paliza Consulting, LLC. ,6,The Real-time Market (RTM),RTOs wi
6、ll ensure that all market participants have equal access to the spot market. RTM main component is a bid-based security constrained dispatch (5 min cycle). RTM is a voluntary market. Market participants can submit: Bilateral schedules, Self-schedule, or Bid into the real-time market,Paliza Consultin
7、g, LLC. ,7,Load,499,MWs,RTO,300,MWs, $10,199,MWs, $15,Not Dispatched,$15,I need MWs.,Sale goes to the,lowest bidder with capacity.,Going once,Least expensive generators are dispatched,Capacity,200 MWs,MW,$10,Capacity,300 MWs,MW,MW,Capacity,200 MWs,$15,$20,Example1: Economic Dispatch,LMP for all sett
8、lement nodes is $15,Paliza Consulting, LLC. ,8,Example2: Economic Dispatch,Load,599,MWs,RTO,300,MWs, $10,200,MWs, $15,99,MWs, $20,$20,I need MWs.,Sale goes to the,lowest bidder with capacity.,Going once,Highest Cost Generator Sets Price,Capacity,200 MWs,MW,$10,Capacity,300 MWs,MW,MW,Capacity,200 MWs
9、,$15,$20,LMP for all settlement nodes is $20,Paliza Consulting, LLC. ,9,If There is Congestion,Delivery limitations prevent use of “next least-cost generator” Higher cost generator closer to load must be used to meet demand Cost to operate more expensive generation are translated into transmission c
10、ongestion costs in LMP calculation Nodal pricing results in cost causation for congestion pricing to market participants,Paliza Consulting, LLC. ,10,Real-time Market Settlements,All real-time injections, withdrawals and transmission congestion will be settled at LMP prices determined by the real-tim
11、e dispatch. The difference in LMP prices across the grid will reflect congestion and incremental cost of losses. Loads have the choice to settle at nodal or zonal prices. Generators may self-schedule but only accepted schedules will settle at LMP prices.,Paliza Consulting, LLC. ,11,LMP Definition,Ma
12、rginalCongestionComponent (MCC),=,Marginal Energy Component (EC),LMP,+,+,Marginal Loss Component (MLC),Cost of supplying next MW of load at a specific location, considering generation marginal cost of energy, cost of transmission congestion, and losses,Paliza Consulting, LLC. ,12,The Day-ahead Marke
13、t (DAM),DAM main component is a bid-based security constrained unit commitment. It is a voluntary market and is financially binding. DAM main function is to provide certainty for Market Participants (MPs). In the DAM, participants will be able to: Buy/sell energy and self-schedule generation. Submit
14、 bilateral transactions. Submit virtual bids.,Paliza Consulting, LLC. ,13,Day-ahead Market Settlements,Process is very similar to RTM settlement for energy, congestion, and losses. RTM settles deviations with respect to DAM schedules. FTRs are settled based on the DAM hourly prices.,Paliza Consultin
15、g, LLC. ,14,Paliza Consulting, LLC. ,15,Day-ahead Reliability Check,Check is performed after DAM closes and it focuses on: Evaluating overall resource adequacy. Evaluating reserve adequacy. Evaluating transmission reliability. Reliability Commitment: Units are committed/de-committed to satisfy relia
16、bility criteria.,Paliza Consulting, LLC. ,16,Financial Transmission Rights,FTR is a financial instrument that entitles holder to a stream of revenues (or charges) based on the DA hourly energy price differences across the path or shadow price of a flowgate.,Paliza Consulting, LLC. ,17,FTR Characteri
17、stics,MPs will be able to acquire point-to-point (PTP) and flowgate (FGR) transmission rights to hedge congestion charges. PTPs and FGRs will be financial. PTP is a full hedge between source and sink while FGR is a full hedge for a specific constraint only. PTPs will be available in the form of obli
18、gations and options and FGRs will be available as options. Awarded PTPs and FGRs will be simultaneously feasible.,Paliza Consulting, LLC. ,18,Congestion Charge = 100 MWh * ($20-$15) = $500 FTR Credit = 100 MW * ($20-$15) = $500,LMP $20,LMP $15,Example: Delivery with FTR,Paliza Consulting, LLC. ,19,P
19、TP Rights Characteristics,Obligations can have a zero, positive, or negative value. Options can only have a zero or positive value. It is a perfect hedge against congestion costs as long as: Schedule is between specified source and sink. Schedule is equal or less than the FTR amount.,Paliza Consulti
20、ng, LLC. ,20,FGR Rights Characteristics,FGR owner gets paid the constraint shadow price of that flowgate. FGRs are proposed as options and only hedge the specified flowgate. Available as PTDF (monitored element) and OTDF (monitored/contingency pair) flowgates. Place responsibility for assessment of
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