摘要: In addition to its adverse impacts on power system operations, the large-scale integration of renewable energy sources presents market design challenges as it exacerbates missing money problem by moving value from capacity markets. Energy-only markets have been touted a mechanism for alleviating problem, although demand response is widely recognized ultimate solution. this paper we analyze benefits and an energy-only short-term operations long-term investment, well result overlapping in with active response. We use multi-stage stochastic program characterize real-time equilibrium, unit commitment model followed impact operating reserve curves day-ahead Our applied case study wind Germany.