Abstract: | This set of slides was presented at the CNLS Smart Grid Seminar Series at Los Alamos National Lab on March 9, 2010. 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. This set of slides discusses the need and ability to solve more complex market models faster.
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