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| Optimal Strategy for Distribution Companies to Purchase and Sell Electricity and Manage Risk Considering Consumers’ Price Elasticity of Demand |
| HUANG Hai-Lun-1, YAN Zheng-2, YANG Yun-Yi-1, WEN Rui-1, YANG Pei-Juan-1 |
| (1. China Ship Development and Design Center, Shanghai 201108, China; 2. School of Electronic, Information and Electrical Engineering, Shanghai Jiaotong University, Shanghai 200240, China) |
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Abstract An optimal strategy for distribution companies to purchase and sell electricity that considering consumers’ price elasticity of demand was proposed. Its objective is to maximize the companies’ expected sale profit and minimize purchase risks, quantified by CVaR. Moreover, it can optimize the procurement structure and determine the sale price to consumers. Because it is a stochastic programming model, transformation method is adopted to solve it. In this model, multiple power supply options are provided, such as spot market, forward contracts, and selfproduction. The simulation results show that the strategy is very close to the actual situation as it simultaneously considers the reflection of consumers on sale price and spot price at the purchase side. This provides a new frame for distribution companies to implement integrated risk management in electricity procurement and sale.
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Received: 21 September 2011
Published: 30 July 2012
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