The scheduling role of future pricing information in electricity markets with rising deployments of energy storage: An Australian National Electricity Market case study

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2025-02-01 DOI:10.1016/j.eneco.2025.108191

Abhijith Prakash , Anna Bruce , Iain MacGill

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Abstract

In wholesale electricity markets, resource schedules result from market participant decisions informed by knowledge processes, which provide current and forecasted power system and market information. Ensuring that these knowledge processes and market participation rules are purpose-fit is becoming increasingly important with growing deployments of energy storage resources expected to aid in balancing high renewables power systems through energy arbitrage.

Our study explores the scheduling coordination role of centralised price forecasts generated by the system and market operator in the fast, flexible and volatile Australian National Electricity Market. Our work offers three contributions: (1) highlighting the increasing frequency and severity of errors in these forecasts, and proposing a hypothesis that market participant (re)bidding is partially responsible for this phenomenon; (2) modelling the extent to which arbitrage revenues might be reduced should these forecasts guide battery energy storage scheduling; and (3) discussing potential changes to participant scheduling strategies and market design that could improve scheduling outcomes. We recommend that Australian policy-makers not only increase the frequency at which centralised knowledge processes are run, but also consider whether stricter market participation restrictions might incentivise participant bidding strategies that are less likely to induce sudden price swings that can hamper effective scheduling.

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随着储能系统部署的增加，未来电价信息在电力市场中的调度作用：澳大利亚国家电力市场案例研究

在批发电力市场中，资源调度是由市场参与者根据知识流程做出的决策而产生的，这些知识流程提供了当前和预测的电力系统和市场信息。随着越来越多的储能资源的部署，确保这些知识流程和市场参与规则与目标相匹配变得越来越重要，这些储能资源有望通过能源套利来帮助平衡高可再生能源系统。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.