This letter considers a stochastic electricity market in which the uncertainty is handled using a proportional control law and chance security constraints. We prove that in this framework, market clearing prices yielding a robust competitive market equilibrium can be computed and used for stochastic market settlements by risk-aware system operators. An illustrative case study corroborates the usefulness of the proposed approach.
- equilibrium conditions
ASJC Scopus subject areas
- Energy Engineering and Power Technology
- Electrical and Electronic Engineering