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Walrasian market clearing for demand response exchange


Nguyen, DT and Negnevitsky, M and de Groot, M, Walrasian market clearing for demand response exchange, IEEE Transactions on Power Systems, 27, (1) pp. 535-544. ISSN 0885-8950 (2012) [Refereed Article]

Copyright Statement

Copyright 2011 IEEE

DOI: doi:10.1109/TPWRS.2011.2161497


This paper presents the design and evaluation of an effective market-clearing scheme for trading demand response (DR) in a deregulated power system. The proposed scheme is called demand response exchange (DRX), in which DR is treated as a public good to be exchanged between two groups of participating agents, namely DR buyers and DR sellers. While buyers require DR and are willing to pay for it, sellers have the capacity to curtail customer loads to supply DR on request. The DRX market clearing scheme uses Walrasian auctions, where agents update their DR quantity bids in response to prices adjusted by the market operator. This auction is repeated iteratively until market equilibrium is obtained at the point where the market outcome is proven to be Pareto optimal. The proposed scheme is tested on a small power system and its effectiveness substantiated.

Item Details

Item Type:Refereed Article
Keywords:competitive market equilibrium, demand response, demand response exchange, Pareto optimality, Walrasian auctions
Research Division:Engineering
Research Group:Other engineering
Research Field:Other engineering not elsewhere classified
Objective Division:Expanding Knowledge
Objective Group:Expanding knowledge
Objective Field:Expanding knowledge in engineering
UTAS Author:Nguyen, DT (Dr Thanh Nguyen)
UTAS Author:Negnevitsky, M (Professor Michael Negnevitsky)
ID Code:81140
Year Published:2012
Web of Science® Times Cited:65
Deposited By:Engineering
Deposited On:2012-11-23
Last Modified:2017-11-06

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