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The Australian Electricity Market's pre-dispatch process: Some observations on its efficiency using ordered probit model

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dc.ConferencedateSEP 29-OCT 01, 2015
dc.ConferencelocationAlor Setar, MALAYSIA
dc.Conferencename2nd Innovation and Analytics Conference and Exhibition (IACE)
dc.contributor.authorZainudin, WNRAen_US
dc.contributor.authorBecker, Ren_US
dc.contributor.authorClements, Aen_US
dc.date.accessioned2024-05-29T03:25:02Z
dc.date.available2024-05-29T03:25:02Z
dc.date.issued2015
dc.description.abstractMany market participants in Australia Electricity Market had cast doubts on whether the pre-dispatch process in the electricity market is able to give them good and timely quantity and price information. In a study by [11], they observed a significant bias (mainly indicating that the pre-dispatch process tends to underestimate spot price outcomes), a seasonality features of the bias across seasons and/or trading periods and changes in bias across the years in our sample period (1999 to 2007). In a formal setting of an ordered probit model we establish that there are some exogenous variables that are able to explain increased probabilities of over-or under-predictions of the spot price. It transpires that meteorological data, expected pre-dispatch prices and information on past over-and under-predictions contribute significantly to explaining variation in the probabilities for over-and under-predictions. The results allow us to conjecture that some of the bids and re-bids provided by electricity generators are not made in good faith.
dc.identifier.doi10.1063/1.4937113
dc.identifier.issn0094-243X
dc.identifier.scopusWOS:000371424600098
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/11844
dc.identifier.volume1691
dc.languageEnglish
dc.language.isoen_US
dc.publisherAmer Inst Physicsen_US
dc.relation.ispartofInnovation And Analytics Conference And Exhibition (Iace 2015)
dc.sourceWeb Of Science (ISI)
dc.titleThe Australian Electricity Market's pre-dispatch process: Some observations on its efficiency using ordered probit model
dc.typeProceedings Paperen_US
dspace.entity.typePublication

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