Data framework for electricity price setting in competitive environment. (September 2019)

• Record Type: Journal Article
• Authors: Oprea, Simona-Vasilica; Bâra, Adela; Preoțescu, Dan
• Is Part Of: Journal of physics. Volume 1297(2019)
• Publication Date: 2019-09
• Subjects: Physics -- Congresses; 530.5
• DOI: 10.1088/1742-6596/1297/1/012001
• Languages: English
• ISSNs: 1742-6588

Abstract

Abstract: The generic term of electricity market is in fact a very complex sector of activity, being the result of the interaction of several markets, such as: the bilateral contracts market, the day-ahead market, the balancing market, intra-day market, and the market for ancillary services. In these circumstances, an electricity supplier needs to address the setting of the selling electricity price to the end consumers. The basic objectives to be pursued are as follows: return on sale for a period of at least one year, maintaining competition on the market, use of a user-friendly price system, financial insurance against fluctuations in the market, and ensuring a cash-flow corresponding to the good functioning of the firm. Considering these objectives, in this paper, we propose a data framework to handle electricity consumption data and a procedure to set the electricity price in competitive environment of the electricity markets. In this regard, a case study for an office building that also includes a restaurant is depicted.