Overview of Wholesale Electricity Markets

  • Erik Ela
  • Michael Milligan
  • Aaron Bloom
  • Jaquelin Cochran
  • Audun Botterud
  • Aaron Townsend
  • Todd Levin
Part of the Studies in Systems, Decision and Control book series (SSDC, volume 144)


This chapter provides a comprehensive review of four key electricity markets:
  • Energy markets (day-ahead and real-time markets).

  • Ancillary service markets.

  • Financial transmission rights markets.

  • Capacity markets.

It also discusses how the outcomes of each of these markets may be impacted by the introduction of high penetrations of variable generation. Furthermore, the chapter examines considerations needed to ensure that wholesale market designs are inclusive of emerging technologies, such as demand response, distributed generation, and distributed storage.


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Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  • Erik Ela
    • 1
  • Michael Milligan
    • 2
  • Aaron Bloom
    • 2
  • Jaquelin Cochran
    • 2
  • Audun Botterud
    • 3
  • Aaron Townsend
    • 2
  • Todd Levin
    • 3
  1. 1.Electric Power Research InstitutePalo AltoUSA
  2. 2.National Renewable Energy LaboratoryGoldenUSA
  3. 3.Argonne National LaboratoryArgonneUSA

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