Abstract
A combined market model of energy and reserve services operating under Payment Minimization (PM) is formulated through a mixed-integer linear model. The combined market model considers the simultaneous presence of long-term bilateral contracts and the short-term market of energy and several reserve services. In this context, a common standard framework allows establishing comparisons between the PM model and the usual bid cost minimization model in terms of obtained allocated levels, prices of services, payments, revenues, bid costs and agent financial portfolios. The suggested extended PM model has several important characteristics such as considering the system transmission network, generation and transmission capacity limits, generator ramp limits and multi-period short-term markets. The behavior of the system operation and resulting economic indexes are evaluated and compared using operation scenarios. The model is tested in the IEEE 30-Bus system including multi-period scenarios.
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