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Applied Energy
Article Title: An ERCOT Test System for Market Design Studies
Specialization Codes: 11 - Energy and the Economy, 12.2 - Sustainable Development and Distributed Energy, 14.1 - Public and Private Risks, Risk Management, 15.1 - Energy Data, Modeling, and Policy Analysis, 6.7 - Markets and Prices, 7 - Renewables, 8.6 - Environmental Market Design, 9 - Energy Efficiency,
Authors: Swathi Battula, Leigh Tesfatsion, and Thomas E. McDermott
Publication Date: October 2020
Description: An open source test system is developed that permits the dynamic modeling of centrally-managed wholesale power markets operating over high-voltage transmission grids. In default mode, the test system models basic operations in the Electric Reliability Council of Texas (ERCOT): namely, centrally-managed day-ahead and real-time markets operating over successive days, with congestion handled by locational marginal pricing. These basic operational features characterize all seven U.S. energy regions organized as centrally-managed wholesale power markets. Modeled participants include dispatchable generators, load-serving entities, and non-dispatchable generation such as unfirmed wind and solar power. Users can configure a broad variety of parameters to study basic market and grid features under alternative system conditions. Users can also easily extend the test system's Java/Python software classes to study modified or newly envisioned market and grid features. Finally, the test system is integrated with a high-level simulation framework that permits it to function as a software component within larger systems, such as multi-country systems or integrated transmission and distribution systems. Detailed test cases with 8-bus and 200-bus transmission grids are reported to illustrate these test system capabilities.
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