Utility System Operators in a decentralized energy markets accepts bids from Independent Power Producers IPP to meet the Demand in a timely basis. This is a known story, but interesting will be what algorithm they use or the logic they follow to reach a cost effective as well as considering carbon footprints emission restrictions. I would like to know whether there exists any such algorithm for utility system operators? Would be great, Thank you.
These days communications are so fast and sure that any change in the news of the (competitive) price is quickly spread. I find that except for import restrictions and duties, the same kind of goods costs almost the same price where-ever it is being sold. Consequently the decentrallized market effect is insignificant in itself.
In decentralized markets there exist some real power plants, some virtual power plants (basically which buy energy from actual power plant long time before and sell or bid that energy in day ahead market) and some green energy power plants.
Every energy producer is selling it's energy to a energy distributor in day ahead market and in this way how much energy is needed to be produced is decided a day before. And according to demand the cost effective generation is found ( which will not be always the case ) but again with this way or algorithm there are some last minute i.e.15 minutes before changes are made according to actual conditions.
Maybe the results from the EDEMA project which was part of the e-Energy initiative in Germany are interesting for you. EDEMA deals with decentral Energy market places. I attached a link to an overview paper and the think to the project web-site. The overview is in English, the web site unfortunately only in German.
http://www.e-energy.de/documents/E-Energy_Interim_results_Feb_2012.pdf
http://www.e-dema.de/
Maybe also these results from the project Smart Operator might be interesting for you-
http://www.cired.net/publications/cired2013/pdfs/CIRED2013_0702_final.pdf
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