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Traditional electric energy markets do not explicitly model generatorcontingencies. To improve the representation of resources and to enhance themodeling of uncertainty, existing markets are moving in the direction ofincluding generator contingencies and remedial action schemes within marketauction models explicitly. This research contributes to the market design realmby providing detailed analysis of impending changes, it provides insightfulguidance in understanding the market implications, and it providesrecommendations on necessary changes to ensure a fair and transparent marketstructure. A primal (and the corresponding dual) formulation that accounts forthe proposed changes to the auction model is provided to enable a theoreticalanalysis of the anticipated changes including the effect on market prices,settlements, and revenues. The derivation of the prices and the dualformulation are based on leveraging duality theory from linear optimizationtheory. A comparison to existing market structures is also included. Theprimary impact of the proposed changes includes the addition of a newcongestion component within the traditional locational marginal price, whichreflects the influence of congestion during the post-contingency states for themodeled critical generator contingencies.

Generator Contingency Modeling in Electric Energy Markets: Derivation of Prices via Duality Theory