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Design of New England’s Wholesale Electricity Market - page 12 / 42

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12

Multi-Settlement System

Bids and bilateral schedules are submitted day-ahead

ISO schedules dispatchable units for the next day to minimize costs, given the bids, bilateral schedules, and forecasts

ISO determines the prices associated with the day-ahead schedule as shadow prices obtained from the day-ahead LP optimization

The day-ahead prices and scheduled quantities are used in the first settlement

ISO may accept bid/schedule changes up to an hour before real time

ISO dispatches units in real time at least cost, given the bids, schedules, and forecasts for subsequent hours

ISO determines real-time spot prices from the actual dispatch

Deviations from day-ahead schedules are settled at the real-time spot prices (second settlement)

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