0487415 20240103215716.320180305235959.9 Praha ÚTIA AV ČR v.v.i 2017 6 s. P Research Report 2368 electricity market Lagrange multiplier Independent System Operator cav_un_auth*0298685 Aussel D. FR cav_un_auth*0220207 Červinka Michal Matematická teorie rozhodování Department of Decision Making Theory MTR MTR UTIA-B Department of Decision Making Theory Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0015558 Henrion R. DE cav_un_auth*0234872 Pištěk Miroslav Matematická teorie rozhodování Department of Decision Making Theory MTR MTR UTIA-B Department of Decision Making Theory CZ Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0321507 GA15-00735S GA ČR In widely used formulation of pay-as-clear electricity market the clearing price is given by the Lagrange multiplier of the demand sat- isfaction constraint in the problem of the Independent System Operator (ISO). Following this idea, one may usually calculate the market clearing price analytically even for problems of higher dimensions. However, the economic interpretation of such a market setting is in question, since the minimized criterion does not correspond neither to the cost of production nor to the overall payment of consumers. This observation motivated us to propose an alternative clearing mechanism where the total payment of consumers is explicitly minimized. We show existence and uniqueness of the clearing price in such a setting. BA 2018 4 RVO:67985556 http://hdl.handle.net/11104/0282078 S 2017 2017 Praha ÚTIA AV ČR v.v.i