On the Equilibria and Efficiency of Electricity Markets with Renewable Power Producers and Congestion Constraints
Hossein Khazaei,
X. Andy Sun,
Yue Zhao
Abstract:With increasing renewable penetration in power systems, a prominent challenge in the efficient and reliable power system operation is handling the uncertainties inherent in the renewable generation. In this paper, we propose a simple two-settlement market mechanism in which renewable power producers (RPPs) participate so that a) the independent system operator (ISO) does not need to consider the uncertainties of the renewables in its economic dispatch, and yet b) the market equilibrium is shown to approach soc… Show more
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