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The main focus of this study is on reserve market settlement in an electricity market with marginal pricing scheme as the pricing mechanism. Following a day-ahead market clearing, the marginal prices are found using the appropriate Lagrange multipliers as the bi-products of the optimisation process. The payments to energy and reserve providers can then be found based on these prices. However, it is hard to find an appropriate settlement scheme that provides the fair and justifiable consumer payments based on marginal pricing scheme considering the actual reserve functions in power systems. In this study, a reserve marginal pricing that is based on a proper reserve marginal price definition... 

Efficient operation of electricity markets necessitates a penalty mechanism to penalize market participants who do not fulfill their market obligations. However, the traditional penalty mechanisms that have been successfully implemented in wholesale electricity markets may result in unintended consequences in transactive markets where the participants have uncertain supply or demand. In this regard, this letter investigates main challenges of applying traditional penalty mechanisms in transactive energy markets. Some efficient strategies are also proposed to operate the transactive markets in such a way that guarantees its security as well as liquidity. © 1969-2012 IEEE  

Recently, power system operators have initiated procurement of a new service in electricity markets named flexibleramping product (FRP). With the main goal of enhancing the grid flexibility, this product can provide a remarkable opportunity foran enhanced short-term profitability. Energy storage systems (ESSs) with high ramping capability can leverage their profitabilitywhen properly participating in this market. This study introduces a stochastic optimisation framework for participation of ESSs inthe FRP market. The proposed model formulates the optimal bidding strategy of ESSs considering the real-time energy, flexibleramp-up and ramp-down marginal price signals and the associated... 

An integrated view of energy markets has led to the introduction of new market participants named energy retailers (ERs). Competition among ERs in an integrated market greatly improves market performance in areas such as sustainability, supply security, and environmental awareness. ER performance is evaluated in an integrated market with emission penalty reduction in the objective function. Bi-level programming is used to model an ER game, and the equilibria of different configurations are compared. In the game's first level, ERs offer various energy carrier selling prices to optimise profits. In the second level, consumers respond by switching from the retail market to minimise their energy... 

One of the major problems in liberalized power markets is loss allocation. In this paper, a new method for allocating transmission losses to pool market participants is proposed. The proposed method is fundamentally based on Bialek's "Tracing the flow of electricity" method. The losses is allocated to market participants using the loss weight factors (LWFs) which are obtained from the square current magnitude and Z-bus matrix. The LWF method is based on a solved load flow and strongly emphasizes on current magnitude while considers network topology. The method has been implemented and tested on several networks and one sample summarized in the paper. The results show that the method has an... 

Genco's offering strategies could change SCUC convergence; as a result, generation plants profit is adjusted. The minimum profit alteration with production changeless, defined as discrete strategies. Here, different discrete strategy base on marginal cost was tested and compare with other strategies. Revenue was calculated with game theory method to find Nash equilibrium as mix game; then, market power indices was estimated. These models help ISO to simulate power market and analyze it before markets occurred. Because of uncertainty in producer's strategy, model was implemented in probabilistic pivotal strategy and finally checked simulation on IEEE 30 buses test case system and market power... 

With the advent of small-scale heat and electricity producers in distribution energy systems, the interdependencies between energy carriers have been increased. Moreover, the rapid deployment of micro CHP, electric heat pumps, electricity-to-heat appliances etc., calls for new local market frameworks to be employed in distribution energy systems. In response, this paper presents a new energy market framework based on the concept of peer-to-peer negotiations to facilitate energy transactions between agents at the distribution level while addressing the interdependencies between different energy carriers. Moreover, linear optimization problems are proposed to investigate the optimal strategies... 

One of the major problems in liberalized power markets is loss allocation. In this paper, a new method for allocating transmission losses to pool market participants is proposed. The proposed method is fundamentally based on Bialek's "Tracing the flow of electricity" method. The losses is allocated to market participants using the loss weight factors (LWFs) which are obtained from the square current magnitude and Z-bus matrix. The LWF method is based on a solved load flow and strongly emphasizes on current magnitude while considers network topology. The method has been implemented and tested on several networks and one sample summarized in the paper. The results show that the method has an...