Publisher : The Korean Institute of Electrical Engineers
DOI : 10.5370/JEET.2006.1.1.001
Title & Authors
Novel Continuous Auction Algorithm with Congestion Management for the Japanese Electricity Forward Market Marmiroli Marta; Yokoyama Ryuichi;
In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.