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Wholesale electricity markets

2025/05/21 by Joseph E. Duggan, Ramteen Sioshansi · 1 voice
Energy · Engineering · #Electric Power System Optimization #Renewable energy and sustainable power systems #Smart Grid Energy Management

paper · doi:10.4337/9781035310371.000131

openalex publication_date 2025/05/21 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/14

Abstract

The unit-commitment (UC) problem is complicated by the fact that there is typically a wide variation in daily load patterns between off- and on-peak hours, a heterogeneous mix of generating units (thermal, hydroelectric, renewable, etc.), and potentially vast geographic regions over which electricity is produced and consumed. There are also a host of economic constraints relevant to the solution of the UC problem, such as ensuring that supply and demand are balanced, guaranteeing that demand is met at minimum cost, or maximizing profit from the production of electricity. Deriving optimal solutions to the UC problem is of paramount importance in the efficient functioning of wholesale electricity markets, while ensuring reliable electricity supply to consumers.

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