Abstract
A fuzzy approach to contracting electrical energy in competitive electricity markets is presented and analysed. A new structure of a competitive market, where independent energy suppliers and users create electricity prices in a bidding system, has been introduced in Australia. Electricity trading takes three major forms: vesting contracts, hedge contracts and the spot market. Although less than 10% of electrical energy is purchased in the spot market, spot prices strongly affect contract prices and behaviour of pool participants. Their behaviour is quantified by four linguistic variables reflecting attitudes to risk taken during contracting. This allows the assignment of the upper and lower limits for the membership for a given linguistic category. These limits, as the boundaries of spot price trends are defined as a function of the pool demand. Three fuzzy operators: weighted sum, maximum and minimum type operators have been employed to predict spot price patterns and determine costs of market exposure. This provides the useful tools to compute risk taken with a given marketing attitude. The simulations have been carried out using the data on spot prices and the pool demand in Region 1 of the Australian National Electricity Market, covering Victoria and South Australia, from May 1997 to December 1997.
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© 1999 Springer-Verlag Berlin Heidelberg
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Michalik, G., Mielczarski, W. (1999). A Fuzzy Approach to Contracting Electrical Energy in Competitive Electricity Markets. In: Zadeh, L.A., Kacprzyk, J. (eds) Computing with Words in Information/Intelligent Systems 2. Studies in Fuzziness and Soft Computing, vol 34. Physica, Heidelberg. https://doi.org/10.1007/978-3-7908-1872-7_26
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DOI: https://doi.org/10.1007/978-3-7908-1872-7_26
Publisher Name: Physica, Heidelberg
Print ISBN: 978-3-7908-2461-2
Online ISBN: 978-3-7908-1872-7
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