1Centre for Energy Studies (CES), Indian Institute of Technology, Delhi, India
2Mechanical Department, Indian Institute of Technology, Delhi, India
3VIT University, Vellore, Tamil Nadu, India
In this paper, a non-iterative or single round bid- matching technique is developed to calculate market-clearing price in the electricity market. In this technique, distinct auctions are set for the customers on first come first serve basis. The novel bid-matching technique is more favourable than the iterative technique in terms of customer's choice in electricity price payments, less market price fluctuations, transmission network stability, better load management, less time consuming auctions and involve effortless computations.
Auction design, Bid-matching techniques, Electricity market, Power sector deregulation
