Zhaohao Ding, Piampoom Sarikprueck, L. Lee, Weijen Lee, Jie Shi, Heng Lu
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Financial opportunities for LSE under scarcity price environment
To compensate for “missing money”, the Electric Reliability Council of Texas (ERCOT) has continued to increase the offer price cap since the nodal market opened in 2010. This provides financial opportunities for Load Serving Entities (LSE) to deploy demand response. This paper proposes a quasi-real time incentive based demand response (IBDR) scheme for LSE to take advantage of scarcity prices. Combined with the scheme is a hybrid spike price forecasting model also presented by this paper. Numerical case studies are conducted based on the realistic ERCOT load zone price data. The results illustrate the financial benefits achieved by this proposed IBDR scheme.
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