| Summary: | Integrated energy systems (IESs) provide a synergistic supply of electricity and heat, which offers a new approach for district heating. However, the operational risk of IESs increases continuously as the extent of renewable energy source (RES) penetration continues to increase. This condition negatively impacts the benefits of IESs to the participants in the integrated energy market (IEM) and increases the costs of the system. This paper addresses these issues by proposing a two-stage stochastic programming model that considers RES penetration for IESs operated independently of electricity grids (i.e., islanded IESs). Then, a two-stage clearing model of the IEM is established, and a market settlement process is designed. The simulation results demonstrate that the two-stage clearing model of the IEM can effectively alleviate the operational risk associated with high RES penetration by allowing market participants to make timely adjustments corresponding to their interests according to changes in RES generation.
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