Consider the generation offers in Table 1 and the demand bids in Table 2. Ignore the effects of transmission system. 1. What is the price of electricity? 2. Which of the offers and bids get dispatched? 3. What is the quantity dispatched from each dispatched bid and offer? 4. What is the surplus to each participant?

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Consider the generation offers in Table 1 and the demand bids in Table 2. Ignore the
effects of transmission system.
1. What is the price of electricity?
2. Which of the offers and bids get dispatched?
3. What is the quantity dispatched from each dispatched bid and offer?
4. What is the surplus to each participant?
Table 1: Offers to sell electricity
Offer number Quantity (MW) Price
$1.5
$2.1
$2.5
$3.0
1
2
3
4
Table 2: Bids to buy electricity
Bid number Quantity (MW)| Price
$3.25
$3.10
1
2
234
150
220
150
150
4
150
190
50
100
$1.50
$1.00
Transcribed Image Text:Consider the generation offers in Table 1 and the demand bids in Table 2. Ignore the effects of transmission system. 1. What is the price of electricity? 2. Which of the offers and bids get dispatched? 3. What is the quantity dispatched from each dispatched bid and offer? 4. What is the surplus to each participant? Table 1: Offers to sell electricity Offer number Quantity (MW) Price $1.5 $2.1 $2.5 $3.0 1 2 3 4 Table 2: Bids to buy electricity Bid number Quantity (MW)| Price $3.25 $3.10 1 2 234 150 220 150 150 4 150 190 50 100 $1.50 $1.00
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