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Real-Time Electricity Pricing

Real-Time Electricity Pricing. Sean Edward Paquette Rensselaer Polytechnic Institute – Hartford, CT MANE – 6960 (Mathematical Modeling of Energy and Environmental) Professor Ernesto Gutierrez- Miravete , Ph.D. Spring 2013. Introduction.

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Real-Time Electricity Pricing

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  1. Real-Time Electricity Pricing Sean Edward Paquette Rensselaer Polytechnic Institute – Hartford, CT MANE – 6960 (Mathematical Modeling of Energy and Environmental) Professor Ernesto Gutierrez-Miravete, Ph.D. Spring 2013

  2. Introduction • Model – Monte Carlo Analysis of Real-time electricity pricing for Connecticut Industrial Loads • Identify potential industrial electricity cost savings • Using RTP tariffs and fixed electricity rates • Used real-time LMP for Connecticut • January 1, 2013 – January 7, 2013 • Fixed rate CL & P rate 57

  3. Model • Ability to structure model for a number of different scenarios to indentify and maximize economic potential for the given customer • Electricity loads • Geographical locations • Fixed rate prices

  4. Benefit Index • B = Zero (No benefits) • B = Negative (Electricity costs under a RTP tariff are larger than the fixed rate, therefore this is not cost effective) • B = Positive (Electricity costs under a RTP tariff are less than the fixed rate, therefore customer receives a cost savings)

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