Electricity market clearing algorithms: A case study of the Bulgarian power system

摘要

This work presents a generic optimization framework (ANNEX model), including three alternative algorithms for the electricity market-clearing process in order to optimally determine the annual energy mix of a power system. The effectiveness of the ANNEX model has been tested on an illustrative case study of the Bulgarian power system to investigate the impacts of each market design on the system's technical and economic aspects. The results highlight the influences of each market-clearing algorithm on the technology selection in the resulting electricity mix, as well as the effects on the system's marginal price, capturing both the annual dynamics and the short-term challenges of critical days. The developed methodological framework can provide useful insights on the determination of the optimal electricity mixes, highlighting the system's requirements to address the future market operating challenges of modern energy markets, subject to several technical, economic, and regulatory constraints.