#  Looking Ahead: Price Formation and Multi-Period Dispatch - June 22, 2020 

 



####  calendar\_today Date and Time 

 **June 22, 2020** 

 All day 

####  pin\_drop Location 

 **HEPG**  



 

 



 

 The basic model of bid-based, security-constrained, economic dispatch with locational prices is well understood and provides the foundation for efficient pricing. The most common analysis is for a single period with well-behaved bids and offers without uncertainty. With independent dispatches, serial application of this approach produces efficient prices. The real dispatch system requires some degree of look-ahead with intertemporal constraints. The expansion of intermittent resources increases the importance of efficient multi-period pricing. In principle, the same model applies for the multi-period dispatch. Relaxing any of the assumptions, however, presents new challenges for efficient pricing. Rolling dispatches must adjust to uncertain conditions inducing changes over time. Bids and offers with start-up, shut-down, and multi-period operating constraints require some form of extended locational marginal pricing and associated uplift requirements. Current practices differ across organized market. How important are efficient multi-period prices? What approaches might balance the current competing requirements to deal with efficiency, uncertainty and computational feasibility? What new modeling and software innovations are on the horizon?

 Speakers:

 Jessica Harrison-MISO

 William Hogan-HEPG

 Eugene Litvinov-ISO New England

 Richard O'Neill-APPA-E



 

 

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 Attachments- [  picture\_as\_pdf  rapporteurs\_report\_june\_22\_2020\_.pdf ](/sites/g/files/omnuum10586/files/hepg/files/rapporteurs_report_june_22_2020_.pdf)
- [  picture\_as\_pdf  oneill-lookahea-06.22.2020.pdf ](/sites/g/files/omnuum10586/files/hepg/files/oneill-lookahea-06.22.2020.pdf)
- [  picture\_as\_pdf  litvinon-multi\_period\_pricing-6.22.2020\_.pdf ](/sites/g/files/omnuum10586/files/hepg/files/litvinon-multi_period_pricing-6.22.2020_.pdf)
- [  picture\_as\_pdf  harrison-price\_formation-6.22.2020.pdf ](/sites/g/files/omnuum10586/files/hepg/files/harrison-price_formation-6.22.2020.pdf)
- [  picture\_as\_pdf  hogan-multi\_period-06.22.2020.pdf ](/sites/g/files/omnuum10586/files/hepg/files/hogan-multi_period-06.22.2020.pdf)
 
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 See also:- [ Competitive Market Models ](/categories/competitive-market-models-and-transitions-competition)
- [ Price Formation ](/categories/price-formation)
- [ Scarcity Pricing ](/categories/scarcity-pricing)
- [ Price Formation ](/pillars-topics/price-formation)
- [ Retail Competition ](/pillars-topics/retail-competition)
- [ Sessions ](/research-library/sessions)
 
 

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