Power trading and forecasting tool
First Claim
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1. A computer power trading and forecasting process for forecasting spot-market prices of electric power and trading transactions at different delivery points comprising the steps of:
- inputting maximum generating capacities of each utility competing within the market, price functions at which a utility is willing to sell its power at a given time period, a weather forecast, and a transmission cost and transmission capacity in different power lines of the electrical system;
using probabilistic distributions of electric load and the price function of each utility and transmission cost and transmission capacity between different utilities to build probabilistic distributions for the spot-market prices and for electric trades in the system; and
outputting probabilistic distributions for spot prices and trades at a plurality of time periods of a planning horizon and for a plurality of delivery points to enable a power broker to effectively manage risk in buying and selling electric power with different suppliers and consumers.
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Abstract
A computer implemented tool forecasts the spot price of electric power in a deregulated market and the amounts of power that may be traded in this market. Using generating capacities of multiple utilities, price functions, weather forecasts, and transmission variables, the computer implemented tool makes these forecasts at different delivery points, providing the decision maker with probabilistic distributions for spot prices and trading.
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Citations
12 Claims
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1. A computer power trading and forecasting process for forecasting spot-market prices of electric power and trading transactions at different delivery points comprising the steps of:
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inputting maximum generating capacities of each utility competing within the market, price functions at which a utility is willing to sell its power at a given time period, a weather forecast, and a transmission cost and transmission capacity in different power lines of the electrical system; using probabilistic distributions of electric load and the price function of each utility and transmission cost and transmission capacity between different utilities to build probabilistic distributions for the spot-market prices and for electric trades in the system; and outputting probabilistic distributions for spot prices and trades at a plurality of time periods of a planning horizon and for a plurality of delivery points to enable a power broker to effectively manage risk in buying and selling electric power with different suppliers and consumers. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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Specification