An integrated day-ahead market clearing model: Incorporating paradoxically rejected/accepted orders and a case study

In the electricity day-ahead markets (DAMs), market participants place their orders in the form of desired/accepted price levels for the submitted quantities. The market operator evaluates these orders and announces the clearing quantities and market clearing prices (MCPs) within an hour. In this paper, a mathematical model is proposed for the exact solution of clearing electricity DAM with a focus on the current Turkish system. The model is a non-linear programming (NLP) problem that maximizes total social welfare and takes into account all types of orders that are submitted in the Turkish DAM. In order to ensure a feasible solution, the concept of paradoxically accepted/rejected orders is introduced. Two versions of the mathematical model are considered, allowing for one type of paradoxical processing in each version. For the computational experiments, a sample data set of 25 days, representing the conditions in the Turkish DAM, is generated and published on an open library. The model is solved to optimality within the practical time limitation of the market operator in all cases.


A Study of the day-ahead energy market auctions from a multi-objective perspective
Ceyhan, Gökhan; Lokman, Banu; Department of Industrial Engineering (2020)
In this study, we develop approaches for the market clearing problem in European day-ahead electricity markets. We first present the surplus maximization problem and extend it with pricing constraints that limit market loss or missed surplus associated with paradoxically accepted and rejected bids. We develop a Benders decomposition algorithm with price-based Benders infeasibility cuts to solve the problem. Our algorithm outperforms the state-of-the-art Benders decomposition algorithms and the primal-dual a...
A novel methodology for medıum and long-term electricity market modeling
İlseven, Engin; Göl, Murat; Department of Electrical and Electronics Engineering (2020-11-15)
In the electricity market, there is a considerable degree of uncertainty in electricity demand, supply, and price due to the uncertainty in parameters such as economic growth, weather conditions, fuel prices, and timing of new investments, etc. These factors in return affect the predictability of the electricity market. This thesis aims to increase the predictability and observability of the electricity market by means of a suitable and validated electricity market modeling methodology designed for medium a...
The Relationship Between Energy Commodity Prices and Electricity and Market Index Performances: Evidence from an Emerging Market
Ordu, Beyza Mina; Soytaş, Uğur (2016-01-01)
We investigate the effect of energy commodity price movements on market and electricity index returns in Turkey for the periods before, during, and after the year 2008. Although the Turkish economy is highly reliant on oil, we find that oil price does not lead either electricity or market indexes. This might be attributable to sluggish integration of financial markets in Turkey compared to developed markets. Natural gas price leads electricity index in the pre-2008 period. Its significance is reduced follow...
Yilmaz, Yavuz; Kurz, Rainer; Ozmen, Ayse; Weber, Gerhard Wilhelm (2015-06-19)
In developed electricity markets, the deregulation boosted competition among companies participating in the electricity market. Therefore, the enhanced reliability and availability of gas turbine systems is an industry obligation. Not only providing the available power with minimum operation and maintenance costs, but also guaranteeing high efficiency are additional requisites and efficiency loss of the power plants leads to a loss of money for the electricity generation companies. Multivariate Adaptive Reg...
A decision support tool for feasibility assessment of hydro electrical power plant projects
Ercan, Noyan; Birgönül, Mustafa Talat; Dikmen Toker, İrem; Department of Civil Engineering (2011)
The objective of this thesis is to develop a decision support tool to assess the feasibility of a hydro electrical power plant (HEPP) investment option by estimating its profitability under various scenarios. The decision support tool may help the decision makers to understand critical parameters that affect the internal rate of return (IRR) of a HEPP investment, create realistic scenarios by assigning different values to these parameters and monitor profitability under various scenarios. The information an...
Citation Formats
S. YORUKOGLU, Z. M. Avşar, and B. Kat, “An integrated day-ahead market clearing model: Incorporating paradoxically rejected/accepted orders and a case study,” ELECTRIC POWER SYSTEMS RESEARCH, pp. 513–522, 2018, Accessed: 00, 2020. [Online]. Available: