Multi-interval settlement system of rolling-horizon scheduling for electricity spot market

Multi-interval settlement is conducive to meeting the needs of growing renewable energy resources with great intermittency and volatility and managing the effective operation in the electricity spot market. However, the insufficient incentive of market price inaccurately reflecting the total cost of the electricity spot market caused by the inaccuracy of generation and load prediction in the current multi-interval settlement will lead to inefficient market scheduling, causing the market participants to deviate from dispatch instructions. Based on the problem above, a new multi-interval settlement system of rolling-horizon scheduling including the period selection of look-ahead schedules and enhanced settlement mechanism is proposed to improve the price incentive for the electricity spot market. The proposed multi-interval settlement system can produce a better look-ahead period and a more economically efficient dispatch solution inducing dispatch-following incentives. A numerical example shows that the proposed multi-interval settlement system outperforms the traditional settlement mechanism regarding economic efficiency.