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Design of New England’s Wholesale Electricity Market - page 13 / 42

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13

Benefits of a Multi-Settlement System

Two-settlement system (day-ahead and spot)

Three-settlement system (day-head, hour-ahead, spot)

Participants have more opportunities to respond to uncertainty

Market incentives for participants to respond efficiently to uncertain demand and supply

Deviations from day-ahead schedules are priced by market

Mitigates incentives for gaming

Reduces bidder uncertainty

Eliminates gaming of short-notice transactions

Multiple settlements, self-scheduling, and day-ahead commitments are complements

Can’t be implemented piecemeal

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