In this paper, a general framework for implementing a retail energy market based on the Nikaido-Isoda/relaxation algorithm is proposed as an electricity market structure with large distributed energy resources (DERs) penetration and demand side management (DSM) of consumers. Moreover, the consumers are able to participate in the market as prosumers (i.e., producer and consumer at the same time). By considering the related uncertainties, the DERs can maximize their expected payoff or profit by undertaking strategies through the price bidding strategy, based on the proposed structure, considering Nash equilibrium. The results show the effectiveness and accuracy of the proposed framework in determining the optimal power set-points of players participating in the market to achieve the objectives.

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Summary With the increasing penetration level of renewable energies and the related problems to the stochastic nature of their output power, reliable decision making in power system expansion has faced new challenges. This paper presents a new stochastic structure for coordinating expansion planning of transmission and integrated wind farms along with energy storage systems in the electricity market environment. Thereupon, uncertainties pertained to the power output of wind farms, locational marginal prices (LMPs), and load demands have been taken into consideration. Neglecting the correlation between the wind speeds in multiple wind farms may lead to an increase in investment risk of the power system. Hence, this correlation is modeled through both Weibull probability distribution and Copula functions. The given results of the proposed structure applied to Garver 6‐bus test system and Guilan province 230, and 132‐kV transmission systems indicate the effectiveness of the Copula function.

SUMMARY This paper presents a new approach to coordinate the decisions of transmission and generation capacity expansion planning for a competitive electricity market in which only the generation sector is deregulated. The independent system operator (ISO) as transmission planner has a regulatory role in the strategic behavior of generation companies. To reach coordinated decisions, the model relies on an interactive and iterative process between generation expansion planning and transmission expansion planning. This repetitive process continues until reaching a converging point or fulfilling the stopping criterion assigned by the ISO. In order to consider random outages of network components as well as uncertainty of load and bid prices of generating units, the Monte Carlo simulation method is applied. The simulation results confirm the efficacy of the proposed model in the coordinated generation and transmission planning problem considering the uncertainties. Copyright © 2012 John Wiley & Sons, Ltd.

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