Clearing prices computation for integrated generation, reserve and transmission markets

In a competitive electricity market, trading and scheduling for electric energy, transmission and reserve related services are often the centerpieces of market functions. The operation of these three markets may reside in centralized pools, system operators or power exchanges. However, they are often conducted separately and sequentially in practice. This paper sets forth a new formulation to determine schedules and clearing prices for integrated electric energy, transmission and reserve markets simultaneously. The formulation yields locational market clearing prices when transmission congestion is present. Example results based on the new formulation are presented