The electricity power market is an environment where different market participants such as generators, load serving entities and possibly retail aggregators place offers and bids to trade electricity. In this research, we will explore how pricing works in such market environments. The price of electricity is computed from an optimization problem — the optimal power flow (OPF) problem — formulated using the offers and bids. The OPF problem aims to optimize a form of social welfare of power dispatch given bids and offers, while being constrained by the physics of the underlying power grid. We first build intuition about these prices from a wholesale market model. Then, we numerically explore properties of prices derived from a recently proposed market mechanism for the retail sector. The OPF problems are solved in the Python programming language to facilitate open-source code development.
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