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Walrasian market clearing for demand response exchange

journal contribution
posted on 2023-05-17, 14:39 authored by Nguyen, DT, Michael NegnevitskyMichael Negnevitsky, de Groot, M
This paper presents the design and evaluation of an effective market-clearing scheme for trading demand response (DR) in a deregulated power system. The proposed scheme is called demand response exchange (DRX), in which DR is treated as a public good to be exchanged between two groups of participating agents, namely DR buyers and DR sellers. While buyers require DR and are willing to pay for it, sellers have the capacity to curtail customer loads to supply DR on request. The DRX market clearing scheme uses Walrasian auctions, where agents update their DR quantity bids in response to prices adjusted by the market operator. This auction is repeated iteratively until market equilibrium is obtained at the point where the market outcome is proven to be Pareto optimal. The proposed scheme is tested on a small power system and its effectiveness substantiated.


Publication title

IEEE Transactions on Power Systems








School of Engineering


Institute of Electrical Electronics Engineers Inc (IEEE)

Place of publication

445 Hoes Lane, Piscataway, USA, Nj, 08855

Rights statement

Copyright 2011 IEEE

Repository Status

  • Restricted

Socio-economic Objectives

Expanding knowledge in engineering