Overview of Wholesale Electricity Markets

Michael Milligan, Jaquelin Cochran, Aaron Townsend, Erik Ela, Audun Botterud, Todd Levin, Aaron Bloom

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

13 Scopus Citations


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.

Original languageAmerican English
Title of host publicationElectricity Markets with Increasing Levels of Renewable Generation: Structure, Operation, Agent-Based Simulation, and Emerging Designs
Subtitle of host publicationStudies in Systems, Decision and Control, Volume 144
EditorsF. Lopes, H. Coelho
PublisherSpringer International Publishing
Number of pages19
StatePublished - 2018

Publication series

NameStudies in Systems, Decision and Control
ISSN (Print)2198-4182
ISSN (Electronic)2198-4190

Bibliographical note

Publisher Copyright:
© Springer International Publishing AG, part of Springer Nature 2018.

NREL Publication Number

  • NREL/CH-5D00-71089


  • electricity markets
  • emerging technologies
  • variable generation


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