Power Systems Engineering Research Center

M-39 Project Summary 

Newly Implemented and Proposed Market Products and Reformulations: Pricing Implications, Analysis, and Enhancement

Summary Energy markets are ever evolving due to operational complexities as well as complications due to a changing resource mix (e.g., renewables). Independent system operators are introducing new market products and reformulations in an attempt to accommodate the inherent complexity of the electricity production, transmission, and consumption. Flexible ramping products and generator contingency modeling are examples of such changes. This project will evaluate the essential structural changes to energy markets and provide a comprehensive evaluation of the impacts on settlements. This project will also result in suggested market reformulations to enhance market efficiency, pricing, and transparency.
Academic Team Members Project Leader: Mojdeh Khorsand (Arizona State University, Mojdeh.Khorsand@asu.edu) Team members: Kory Hedman (Arizona State University, Kory.Hedman@asu.edu); Lang Tong (Cornell University, lt35@cornell.edu) Anthony Papavasiliou (Adjunct Researcher, Université Catholique de Louvain, anthony.papavasiliou@uclouvain.be)
Industry Team Members Hong Chen (PJM); Yonghong Chen (MISO); Kwok Cheung (GE Grid Solutions); Richard Dillon (SPP); Andreas Ehrenmann (ENGIE); Erik Ela (EPRI); Qin Wang (EPRI); Miguel Ortega-Vasquez (EPRI); Evangelos Farantatos (EPRI); Robin Hytowitz (EPRI); Nikita Singhal (EPRI); Xiaoming Feng (AB); David Kelley (SPP); Akshay Korad (MISO); Muhammad Marwali (NYISO); Sakshi Mishra (AEP); Khosrow Moslehi (ABB); Jim Price (CAISO); Dane Schiro (ISONE); Harvey Scribner (SPP); Yohan Sutjandra (The Energy Authority); Jianzhong Tong (PJM); Aidan Tuohy (EPRI); Qin Wang (EPRI); Lin Xu (CAISO)
Project Period July 1, 2018 to August 31, 2020