Wednesday 15 October 2014
4pm - 5.30pm, 32L.G.20
Abstract
Power markets can be simulated using a linear programming approach. The intersection between the demand and the supply curves is found by solving a cost minimization problem under a set of constraints. In this talk, we give an example of a power market model (the "TheMA" model) and its applications. The model has an hourly time resolution, a detailed representation of thermal, hydro, and intermitted generation technologies (such as wind and PV), as well as a detailed description of cross-border trade. In this talk, we shall also discuss practical considerations, such as computation time issues, and explain what general principles should guide modelling and model development.