A dynamic multi-level iterative algorithm for clearing European electricity day-ahead markets: An application to the Turkish market

Name: A dynamic multi-level iterative algorithm for clearing European electricity day-ahead markets: An application to the Turkish market
Author: Büke, B., Shahmanzari, Masoud, Tanrisever, F.

İsim	A dynamic multi-level iterative algorithm for clearing European electricity day-ahead markets: An application to the Turkish market
Yazar	Büke, B., Shahmanzari, Masoud, Tanrisever, F.
Basım Tarihi:	2023-05-12
Basım Yeri	- Taylor & Francis
Konu	Day-ahead market, Electricity, Heuristics, Integer programming
Tür	Süreli Yayın
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	0160-5682
Kayıt Numarası	78a1b411-32f1-4121-b469-1a3a8027bb26
Lokasyon	Management Information Systems
Tarih	2023-05-12
Örnek Metin	Designing and clearing day-ahead electricity market auctions have recently received significant attention from academia and practice alike. Given the size and the complexity of day-ahead market auctions, clearing them within the time limits imposed by the market is a major practical concern. In this paper, we model all the practical details of the Turkish day-ahead electricity market and provide a new multi-level iterative heuristic to clear the market. We compare our results with a commercial solver using data provided by Energy Exchange Istanbul. Our heuristic achieves an average optimality gap less than 0.09%, with an average solution time of just 14 s; whereas the commercial solver takes, on average, 18 min (and in some cases up to three hours) to find the optimal solution. We also demonstrate that using our heuristic solution to warm-start the commercial solver further reduces the solution time by 25%, on average. Overall, our heuristic proves to be very efficient in clearing the Turkish day-ahead market. We also test the performance of our algorithm as the problem size grows.
DOI	10.1080/01605682.2023.2210182

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A dynamic multi-level iterative algorithm for clearing European electricity day-ahead markets: An application to the Turkish market

Yazar Büke, B., Shahmanzari, Masoud, Tanrisever, F.

Basım Tarihi 2023-05-12

Basım Yeri - Taylor & Francis

Konu Day-ahead market, Electricity, Heuristics, Integer programming

Tür Süreli Yayın

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 0160-5682

Kayıt Numarası 78a1b411-32f1-4121-b469-1a3a8027bb26

Lokasyon Management Information Systems

Tarih 2023-05-12

Örnek Metin Designing and clearing day-ahead electricity market auctions have recently received significant attention from academia and practice alike. Given the size and the complexity of day-ahead market auctions, clearing them within the time limits imposed by the market is a major practical concern. In this paper, we model all the practical details of the Turkish day-ahead electricity market and provide a new multi-level iterative heuristic to clear the market. We compare our results with a commercial solver using data provided by Energy Exchange Istanbul. Our heuristic achieves an average optimality gap less than 0.09%, with an average solution time of just 14 s; whereas the commercial solver takes, on average, 18 min (and in some cases up to three hours) to find the optimal solution. We also demonstrate that using our heuristic solution to warm-start the commercial solver further reduces the solution time by 25%, on average. Overall, our heuristic proves to be very efficient in clearing the Turkish day-ahead market. We also test the performance of our algorithm as the problem size grows.

DOI 10.1080/01605682.2023.2210182