Aging electricity infrastructure is less reliable and more expensive to operate and maintain. With the restructuring of electric power systems, it is expected that market based mechanism could facilitate the planning of new generation and transmission resources, which can partly alleviate the aging issue. Electricity markets have been in operation in major regions in the United States. Day-ahead market and real-time market are the key components for the market operation of electric power systems and there is a great need to have the capability of simulating the operation of those markets.;This dissertation implements a day-ahead and real-time electricity market simulation tool, in which various types of generating units are modeled including fossil units, combined cycle units, fuel switching units, cascaded and run-of-river hydro units, pumped storage units and wind units. In addition, energy-reserve co-optimization is developed to effectively produce the market clearing prices for both energy and reserve simultaneously. In order to help market regulators and market participants to simulate the operation of electricity markets, a standalone version and a web-based version of the simulation tool are developed.;To consider the outage of multiple transmission lines in the day-ahead and/or real-time markets, corresponding line outage distribution factors (LODF) should be calculated. A closed-form LODF formulation is provided and proved using two methods. The formulation can be used for the fast calculation of power flows after the outage of multiple transmission lines thus will have wide applications in power system operation.;A network reduction method is proposed for a network with unknown transmission line statuses. The proposed method can drastically reduce the number of variables and constraints for a practical large-scale system. This proposed method will have wide applications in optimal transmission maintenance scheduling and transmission network planning.
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