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  5. An auction framework to integrate dynamic transmission expansion planning and pay-as-bid wind connection auctions
 
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An auction framework to integrate dynamic transmission expansion planning and pay-as-bid wind connection auctions

Author(s)
Farrell, Niall  
Devine, Mel T.  
Soroudi, Alireza  
Uri
http://hdl.handle.net/10197/9582
Date Issued
2018-10-15
Date Available
2019-01-07T11:30:34Z
Abstract
Competitive renewable energy procurement auctions are becoming increasingly prevalent. In a pay-as-bid auction, investors bid the price support required and receive that price if successful. Bidding strategy may be influenced by factors external to the auction, such as transmission expansion planning decisions. This may increase costs. In this paper, we show that integrating a pay-as-bid auction with transmission expansion planning may allow for closer total system cost minimisation over many time periods. This paper develops an auction mechanism and associated modelling framework to carry this out. The contributions of this framework are verified using a numerical example. Our results show that ignoring generation costs in transmission expansion planning can have economic consequences, while traditional pay-as-bid auctions can benefit from incorporating features associated with transmission expansion planning, such as multi-period optimisation. Full integration of both modelling frameworks can lead to efficiency improvements, both in terms of reduced investor rent-seeking and a more efficient deployment path.
Sponsorship
European Commission Horizon 2020
European Commission - European Regional Development Fund
Science Foundation Ireland
University College Dublin
Other Sponsorship
Programme for Research in Third-Level Institutions (PRTLI) Cycle 5
Oxford Martin Programme on Integrating Renewable Energy
ESRI Energy Policy Research Centre
Type of Material
Journal Article
Publisher
Elsevier
Journal
Applied Energy
Volume
228
Start Page
2462
End Page
2477
Copyright (Published Version)
2018 Elsevier
Subjects

Renewable energy

Electricity transmiss...

Optimisation

Auction design

DOI
10.1016/j.apenergy.2018.06.073
Language
English
Status of Item
Peer reviewed
ISSN
0306-2619
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-nd/3.0/ie/
File(s)
No Thumbnail Available
Name

FarrellDevineSoroudi_20180605 (1).pdf

Size

1.96 MB

Format

Adobe PDF

Checksum (MD5)

01b6aafe21b2c6eb18a01bbfcfcaf043

Owning collection
Electrical and Electronic Engineering Research Collection
Mapped collections
Energy Institute Research Collection

Item descriptive metadata is released under a CC-0 (public domain) license: https://creativecommons.org/public-domain/cc0/.
All other content is subject to copyright.

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