The natural gas and electricity systems are now becoming more and morestrongly coupled. While gas-fired units (GFUs) are replacing the retired coalplants, the power systems are also increasingly dependent on the flexibilitiesprovided by GFUs to accommodate intermittent renewable energies. The GFUs'capability of power generation relies on the availability of gas resources,which is determined jointly by the capacity of gas suppliers and theirassociated pipeline networks. However, the gas and electricity markets areoperated separately. As a con-sequence, the GFUs actually have to "represent"the whole power system to bid on the gas market: they need to make forecasts onfuture gas consumption, and bear the risk of improper contracts or being unableto meet the generation schedules due to insufficient gas supply. When facinglarger shares of renewable energies and more-frequent gas network congestion,the current market framework is especially unreliable and inefficient, and alsoeconomically unfriendly to the investors of the GFU assets. In this paper, wetry to develop a framework which can combine the two markets. By properlypricing the scarce resources, e.g., gas transmission capacity, the joint marketcan help allocate them more efficiently while satisfying the demands. And byconsidering the uncertainty brought by renewable energies, a moreforward-looking day-ahead market clearing framework is presented. Theformulation, algorithm of the pro-posed joint market model will be presented,as well as some case studies.
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