Controlling power systems with price signals [An article from: Decision Support Systems]

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Description:
This paper revisits the possibility of controlling the power system entirely by means of price signals. It expands on notions introduced in an earlier paper and addresses several unresolved issues: problems with linear cost structures, response delays, varying costs, market power and stability problems caused by market/system interactions. The results suggest that control by price can, in fact, be made to work with some caveats.