The success of energy storage in power systems depends on the market mechanism available to investors and users. Motivated by transmission rights, financial storage rights (FSRs) have been recently proposed to help storage owners recover capital costs and market participants hedge risk. An auction is commonly used to distribute these financial rights. In this paper, we incorporate FSRs into the Joint Energy and Transmission Rights Auction (JETRA). A numerical example is given to demonstrate the new auction framework.
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