Imbalance Energy Settlement Method Considering a Joint Energy and Reserve Market

Current research inadequately considers the complex coupling between energy and reserve markets, particularly regarding energy imbalance induced by uncertain renewable outputs. To address this issue, we propose a novel imbalance energy settlement method considering a joint market framework for energy and peer-to-peer (P2P) reserve, driven by a platform pricing mechanism. Furthermore, to maximize participants’ joint market profits while managing imbalance risks, an optimization model for prosumers’ trading and operational decision-making is established based on the Conditional Value-at-Risk (CVaR). This model comprehensively characterizes the energy-reserve coupling from both security and economic perspectives. Subsequently, an accelerated iterative algorithm featuring adaptive step-size adjustment is designed to ensure the reliable convergence of market clearing and imbalance settlement, while strictly preserving prosumer privacy. Finally, case studies demonstrate that, compared to sequentially cleared markets, the proposed joint trading method prevents prosumers from over-committing resources to the energy market. This enhances their optimization flexibility in the reserve market and improves resource allocation efficiency under the tested scenarios.