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Analysis of Combined Energy and Reserves Auction Based on a SFE Model

ZHANG Xiao-dong, GUAN Lei, ZENG Ming, SONG Zhi-ping (North China Electric Power University, Beijing 102206, China) (Guangdong Xuneng Power Generation Co Ltd, Guangzhou 510630, China)  
Operating characteristic of power system requires enough reserve capacity. In some electricity market designs, reserve capacity is procured from a separate market, but this increases the complexity of bidding. This paper introduces a market design of combined energy and reserve (CER) auction, in which the system operator procures enough operation and reserve capacity from a single market. A supply function equilibrium (SFE) model for this market is developed to analyze the generation suppliers' strategic bidding behavior. The impacts of generation suppliers' market power on both two kind markets are analyzed. Results show that, compared with energy only market, procurement cost of CER market doesn' t increase, in fact its energy payment and market clearing price (MCP) fall a little bit. At last, the case results with different numbers of generation suppliers are presented by adopting the assumption that the generation suppliers are identical.
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