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  4. Exploring the Vickrey-Clarke-Groves Mechanism for Electricity Markets * *This work is partially funded under M. Kamgarpour’s European Union ERC Starting Grant CONENE.
 
research article

Exploring the Vickrey-Clarke-Groves Mechanism for Electricity Markets * *This work is partially funded under M. Kamgarpour’s European Union ERC Starting Grant CONENE.

Sessa, Pier Giuseppe
•
Walton, Neil
•
Kamgarpour, Maryam  
July 2017
IFAC-PapersOnLine

Control reserves are power generation or consumption entities that ensure balance of supply and demand of electricity in real-time. In many countries, they are procured through a market mechanism in which entities provide bids. The system operator determines the accepted bids based on an optimization algorithm. We develop the Vickrey-Clarke-Groves (VCG) mechanism for these electricity markets. We show that all advantages of the VCG mechanism including incentive compatibility of the equilibria and efficiency of the outcome can be guaranteed in these markets. Furthermore, we derive conditions to ensure collusion and shill bidding are not profitable. Our results are verified with numerical examples.

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Type
research article
DOI
10.1016/j.ifacol.2017.08.032
Author(s)
Sessa, Pier Giuseppe
•
Walton, Neil
•
Kamgarpour, Maryam  
Date Issued

2017-07

Published in
IFAC-PapersOnLine
Volume

50

Issue

1

Start page

189

End page

194

Editorial or Peer reviewed

REVIEWED

Written at

OTHER

EPFL units
SYCAMORE  
Available on Infoscience
December 1, 2021
Use this identifier to reference this record
https://infoscience.epfl.ch/handle/20.500.14299/183358
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