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The authors formulate a series of stochastic models for committing and dispatching electric generators subject to transmission limits. The models are used to estimate the benefits of electricity Locational Marginal Pricing (LMP) that arise from better coordination of day-ahead commitment decisions and real-time balancing markets in adjacent power markets when there is significant uncertainty in demand and wind forecasts. The unit commitment models optimize schedules under either the full set of network constraints or a simplified Net Transfer Capacity (NTC) constraint, considering the range of possible real-time wind and load scenarios.
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