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This paper presents a new two-step design approach of forward electricity markets, which is highly penetrated with intermittent energy sources, such as wind power, and Demand Response (DR) programs. First, an optimal market timeframe is determined that balances between generation forecast accuracy and customers' responding flexibility, in order to achieve a minimum system cost in forward and reserve...
The integration of wind resources into power systems entails new challenges at all levels of the electricity industry. In this paper, we discuss critical issues emerging due to the incorporation of wind power suppliers in existing electricity market designs. We discuss the impacts of wind power intermittency and uncertainty on the planning and operation of the system and markets. In particular, we...
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