The activation of flexible loads through demand side management offers opportunities for more efficient power systems operations. Price-based incentive are a straight-forward form for decentral coordination of these flexible loads. However, their applicability has recently been seen more...

The digitization of power system represents one of the main instruments to achieve the target set by the European Union 2030 climate and energy Agenda of affordable energy transition. During the last years, such innovation process has been associated with the Smart Grid (SG) term. In this...

We develop an analytical model to derive the competitive market equilibrium for electricity spot and reserve markets under stochastic demand and uncertain renewable electricity generation. We then derive the welfare-optimal provision of reserves. At rst-best, cost of reserve capacity is balanced...