Abstract
A price-making two-settlement power market where both conventional generators and renewable power producers (RPPs) participate is studied. It is proved that, as the number of RPPs increases, the Nash Equilibrium (NE) of the market converges to the social optimum. As a result, social efficiency is asymptotically achieved with a simple market mechanism for integrating RPPs, without the need for an independent system operator (ISO) to perform a centralized stochastic optimization.
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