Security-constrained nodal-based clearing of the European day-ahead electricity market formulated as a MILP model

In this paper a nodal-based approach is evaluated for the clearing of the pan-European day-ahead electricity market. In the proposed mathematical formulation, the widely used in European Power Exchanges (PXs) profile block orders are explicitly modeled, whereas the full set of inter-zonal and intra-zonal normal and security (N-1) transmission constraints is incorporated. The proposed approach is evaluated using a real-world power system, the Balkan power system, and the economic and computational aspects of the proposed methodology are thoroughly discussed.