Incorporating unit commitment aspects to the European electricity markets algorithm: An optimization model for the joint clearing of energy and reserve markets

•An MILP model for the extension of EUPHEMIA hourly offers module is presented.•Power reserves market is jointly cleared with energy market.•Minimum income condition is extended to include also welfare from reserve market.•Intra-hourly ramping constraints guarantee system’s flexibility capability.•S...

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Bibliographic Details
Published in:	Applied energy Vol. 231; pp. 235 - 258
Main Authors:	Koltsaklis, Nikolaos E., Dagoumas, Athanasios S.
Format:	Journal Article
Language:	English
Published:	Elsevier Ltd 01.12.2018
Subjects:	algorithms decision making electricity Electricity trading energy EUPHEMIA model Joint energy and reserve markets linear programming Minimum income condition new markets Power exchanges prices Southern European region Unit commitment Southern European region NGGT Power exchanges LP MILP Unit commitment PUN EUPHEMIA model Joint energy and reserve markets LIG Electricity trading EUPHEMIA MIP SEM MCP MIQCP NGCC PCR Minimum income condition
ISSN:	0306-2619, 1872-9118
Online Access:	Get full text
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