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This paper considers a real-time electricity market involving an independentsystem operator (ISO) and a group of strategic generators. The ISO operates amarket where generators bid prices at which there are willing to provide power.The ISO makes power generation assignments with the goal of solving theeconomic dispatch problem and regulating the network frequency. We propose amulti-rate hybrid algorithm for bidding and market clearing that combines thediscrete nature of iterative bidding with the continuous nature of thefrequency evolution in the power network. We establish sufficient upper boundson the inter-event times that guarantee that the proposed algorithmasymptotically converges to an equilibrium corresponding to an efficient Nashequilibrium and zero frequency deviation. Our technical analysis builds on thecharacterization of the robustness properties of the continuous-time version ofthe bidding update process interconnected with the power network dynamics viathe identification of a novel LISS-Lyapunov function. Simulations on the IEEE14-bus system illustrate our results.

Hybrid interconnection of iterative bidding and power network dynamics for frequency regulation and optimal dispatch