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Center for Nonlinear Studies |
The ISO market design has evolved over time using traditions, economic theory, power system operations heuristics and operational experience. Early market design made simplifying assumptions and approximations often due to the inability to solve the more detailed design. Complicating features in market design such as reactive power, unit commitment, switching of transmission assets, renewable generation, storage and demand participation make the market non-convex and add new uncertainties that have little empirical information. We discuss the need and ability to solve more complex market models faster.
Host: Feng Pan