New real time market applications at the California independent system operator (CAISO)

This paper describes the operation of the new realtime energy market at CAISO. The new real-time market utilizes the security constrained unit commitment (SCUC) and security constrained economic dispatch (SCED) programs to optimally determine resource commitments and dispatch schedules while observing resource and system real-time constraints [AI Cohen, et al., 1999]. The SCED calculates three prices: the dispatch interval ex-post market clearing price (MCP) and two weighted-average prices based on the dispatch interval ex-post MCP. This paper describes the scheduling activities of the CAISO new realtime market followed by the major scheduling applications. The scheduling market timeline and scheduling application interfaces are also described.