Since the liberalization of the power sector and the creation of wholesale electricity markets, the question of how to price the non-convexities that are present in the market has attracted the interest of both academics and practitioners. Over the years, US markets have studied and adopted different and evolving pricing rules. Since the “Trilateral Market Coupling” (2006), the European day-ahead market has opted for a notably different pricing rule. Recently, EU stakeholders have undertaken research to reform it, and have indicated an interest for some approaches that are discussed in the other side of the Atlantic. Our paper aims at contributing to the debate. We analyse six different pricing methods. We establish several mathematical properties for enabling their accurate comparison. Our findings are illustrated on stylized examples and numerical simulations that are performed on realistic datasets. Both theoretical and numerical evidences that are gathered in our paper point towards the advantages of convex hull pricing.

中文翻译：

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欧洲电力拍卖凸包定价的一些优点

自从电力部门自由化和电力批发市场建立以来，如何对市场中存在的非凸性进行定价的问题引起了学术界和实践者的兴趣。多年来，美国市场研究并采用了不同且不断发展的定价规则。自“三边市场耦合”（2006）以来，欧洲日前市场选择了明显不同的定价规则。最近，欧盟利益相关者开展了改革研究，并对大西洋彼岸讨论的一些方法表示了兴趣。我们的论文旨在为辩论做出贡献。我们分析了六种不同的定价方法。我们建立了几个数学属性来实现它们的准确比较。我们的研究结果通过在实际数据集上执行的程式化示例和数值模拟来说明。我们论文中收集的理论和数值证据都表明了凸包定价的优势。