Abstract
Since the early 1980s, a varied literature has reflected the burgeoning interest in the theory of spot prices adapted to the emerging electricity markets. The present study constructs a deterministic model of the complete generation-grid system in order to obtain the active and reactive power spot prices and their decomposition, to deduce general rules concerning their behaviour, and to analyze the effect of the applied constraints. The spot prices are obtained taking into account all the generation, grid, and demand constraints, both those that are purely technical and those that pertain to security, stability, and environmental factors.
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