Abstract
The paper investigates the features of separately clearing the energy in the day-ahead market and then doing the same for the real-time market from the system operator's perspective. The analysis will show that this separate clearing mechanism is not always the most economical. An alternative approach based on co-optimization of both energy markets is presented. Considering stochastic electric demand, a novel integrated energy dispatching model (IEDM) is proposed for system operators that schedules day-ahead energy trading taking possible real-time demand and prices into account to find an optimal day-ahead dispatching scheme so as to achieve the total purchase cost minimum. Mathematical analysis is provided to illustrate the IEDM is more economical than the conventional separate dispatching approach. The IEDM solution integrates Monte Carlo simulation and linear programming with Hooke and Jeeves pattern search method. A 6-unit system example is applied to illustrate that the IEDM provides a more economical approach
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