This paper proposes an agent-based computational model of the Italian wholesale electricity market where Generation Companies (GenCos) sign forward contracts and then accordingly submit bids in a Day-Ahead spot Market (DAM). The DAM clearing mechanism considers realistic physical constraints of the Italian high-voltage transmission network, thus determining realistic zonal market prices. The gl...

In Europe, market coupling stands for a further integration of wholesale trading arrangements across country borders. More specifically, it refers to the implicit auctioning of cross-border physical transmission rights via the hourly auctions for electric energy organized by power exchanges one day ahead of delivery. It therefore implies that the power exchanges can optimize the clearing of the...

Day-ahead energy market clearing relies on a deterministic equivalent model with a limited time horizon, which may lead to inefficient scheduling of generating units from the point of view of generators. For this reason, generators may wish to forgo the profit hedging offered by day-ahead electricity markets and assume the risk of self-committing their units with the hope of securing greater pr...

It is well-known that a market equilibrium with uniform prices often does not exist in non-convex day-ahead electricity auctions. We consider the case of the non-convex, uniformprice Pan-European day-ahead electricity market ”PCR” (Price Coupling of Regions), with non-convexities arising from so-called complex and block orders. Extending previous results, we propose a new primal-dual framework ...

Virtual power plant (VPP) can be studied to investigate how energy is purchased or sold in the presence of electricity market price uncertainty. The VPP uses different intermittent distributed sources such as wind turbine, flexible loads, and locational marginal prices (LMPs) in order to obtain profit. VPP should propose bidding/offering curves to buy/sell from/to day-ahead market. In this pape...

The goal of any well-established deregulated power sector is to satisfy their customer by delivering the with maintaining best quality at a reasonable price. This paper presents impression wind farm (WF) and compressed air energy storage (CAES) hybrid systems in congested system. main motto this work enhance social welfare using market-clearing mechanism WFCAES To determine effect system, initi...

Electricity markets face a substantial amount of uncertainty. While traditionally this uncertainty has been due to varying demand, with the integration of larger proportions of volatile renewable energy, added uncertainty from generation must also be faced. Conventional electricity market designs cope with uncertainty by running two markets: a market that is cleared ahead of time, followed by a...

As a part of the day-ahead market clearing process, Midcontinent Independent System Operator (MISO) solves one of the largest and most challenging Security Constrained Unit Commitment (SCUC) models. Better computational performance of SCUC models not only improves the market efficiency but also facilitates future market developments. This paper introduces recent developments in SCUC formulation...