Electricity market model in the regional energy integration scenario for Latin America
DOI:
https://doi.org/10.83179/2x3nkh02Keywords:
energy integration, renewable energies, nodes, sustainable electricity exchangeAbstract
Energy integration drives the development of transnational energy models within the binding framework of energy generation and transmission agents. Latin America and the Caribbean have reserves of oil, natural gas, coal, hydroelectric and solar potential -including wind-, but their installed electricity generation capacity is nascent, as is electricity consumption. A review of the specialized literature on regional energy integration models and existing regional electricity markets has made it possible to develop a mathematical model that optimizes scheduled economic dispatch while maximizing the social welfare of the participating agents. The scenario for testing the model’s performance evaluates two perspectives: traditional economic dispatch and the prioritization of renewable energies. It finds that the model sets coupling prices that enable international electricity transactions and that the market value is significantly better when prioritizing renewable energies in contrast to traditional dispatch. Therefore, the developed model guarantees the integration of Latin America and the Caribbean as a region, reduces uncertainty in the dispatch of conventional and non-conventional renewable energy sources, and establishes the framework for sustainable electricity exchange in the Latin American region.
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