All participants in a liberalized electricity market match the medium-term load, which, for future periods, can be expressed as a load-duration curve. In a mixed market, with auction and bilateral contracts, a specific generation company will match its expected bilateral load, that is also expressed as a load-duration curve, and participate in the auction with the remainig capacity. The rest of participants will match their bilateral contracts and participate in the auction as well, thus jointly matching the market load-duration curve of all future periods.
Matching load-duration curves can be modeled through the Bloom and Gallant formulation, and an heuristic can be employed to avoid having to generate a large number of its inequality load-matching constraints. Regarding the objective function to be optimized, it will be shown to be the difference of two convex quadratics, which will require special solvers. Results of computational experiments with data of the Spanish pool will be presented.
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