AMESProject
A "simple but not too simple" laboratory for wholesale power markets.
The wholesale power market design proposed by the U.S. Federal Energy Regulatory Commission (FERC) in an April 2003 white paper [FERC 2003] encompasses the following core features:
1. Central management by an independent market operator.
2. A two-settlement system consisting of a day-ahead market supported by a parallel real-time market to ensure continual balancing of supply and demand for power.
3. Management of grid congestion by means of locational marginal pricing (LMP), i.e., the pricing...