A Framework for Analyzing the Economics of a Market for Grid Services

Authors:
Robin Mason;Costas Courcoubetis;Natalia Miliou
Affiliations:
University of Southampton, Highfield, Southampton, United Kingdom;Athens University of Economics and Business, Athens, Greece;Athens University of Economics and Business, Athens, Greece
Venue:
GECON '09 Proceedings of the 6th International Workshop on Grid Economics and Business Models
Year:
2009

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Abstract

This paper provides a single broad model for the analysis of a range of issues underlying a market for Grid services. The demand and the supply sides of such a market are being treated separately and the relation between the two sides is being studied. We provide numerical results in order to derive conclusions about the viability of a market for Grid services. Underlying our model are parameters such as the cost technologies, the random processes driving demand and supply and the size of the market. We study the effect of the model's parameters, such as risk aversion or the durability of resources, on the system's behavior, eg. on the clearing price or volume of trade.