Add two items from NESO

README.md

@@ -21,9 +21,9 @@ Built upon the [al-folio](https://github.com/alshedivat/al-folio) Jekyll theme,
 
 A custom [wiki layout](./_layouts/wiki.liquid) adapted from the `distill` layout, has been developed to effectively host item-based terminologies. Key features include:
 
-- **Metadata Display**: Last update date, tags, and related item links
-- **Navigation**: Previous/Next item links for easy Browse
-- **Direct Editing**: A link to edit the item directly on GitHub
+- **Metadata Display**: Last update date, tags, and related term links
+- **Navigation**: Previous/Next term links for easy Browse
+- **Direct Editing**: A link to edit the term directly on GitHub
 - **Community Engagement**: Integrated Giscus comments
 
 ## License

_wiki/market-unit.md

@@ -4,15 +4,17 @@ description: The unit sets the price of next increment or decrement of energy.
 tags:
   - market
   - ferc
+related:
+  - wholesale-markets
 authors:
   - name: Jinning Wang
     url: https://jinningwang.github.io
 date: 2025-03-15
-last_update: 2025-06-20
+last_update: 2025-06-22
 ---
 
 ### Definition by FERC
 
 Source: <d-cite key="ferc2020glossary"></d-cite>
 
-> Marginal Electric Generating Unit is, in organized [wholesale markets](/wiki/wholesale-markets), the price of the marginal source of electricity usually sets the price of the unit providing the next increment or decrement of energy, which price usually sets the price for all generation.
+> Marginal Electric Generating Unit is, in organized wholesale markets, the price of the marginal source of electricity usually sets the price of the unit providing the next increment or decrement of energy, which price usually sets the price for all generation.

_wiki/market.md

@@ -7,11 +7,14 @@ tags:
   - system-operator
   - nyiso
   - pjm
+  - neso
+related:
+  - wholesale-markets
 authors:
   - name: Jinning Wang
     url: https://jinningwang.github.io
 date: 2025-03-15
-last_update: 2025-06-20
+last_update: 2025-06-22
 ---
 
 ### Definition by FERC
@@ -22,6 +25,14 @@ Source: <d-cite key="ferc2020glossary"></d-cite>
 >
 > Usually there is agreement of product description and some standard terms to enable determination of value and price.
 
+### Definition by NESO
+
+Source: <d-cite key="neso2025electricity"></d-cite>
+
+> In an economic sense, markets enable the exchange of goods or services. They involve transactions between buyers and sellers, either directly or through mediating institutions.
+>
+> Markets can be literal, like a chain grocery store or local farmers’ market, where buyers can purchase commodities from vendors. In wider systems, however, markets can span beyond physical places. The real estate market and electricity market, for example, include wide geographical areas in which sellers compete.
+
 ### Markets in NYISO
 
 Source: <d-cite key="nyiso2024clean"></d-cite>
@@ -32,10 +43,22 @@ Source: <d-cite key="nyiso2024clean"></d-cite>
 > 2. The **Energy Market** secures electricity production to meet demand in real-time.
 > 3. The **Ancillary Market** secures flexibility services from suppliers to maintain balance in response to changing conditions on the electrical grid.
 
-### Definition by PJM
+### Markets in PJM
 
 Source: <d-cite key="pjm2024m11"></d-cite> p17, Revision 133
 
 > The PJM Energy Markets consists of two markets, a Day-ahead Market and a Real-time Balancing Market. In general, both markets follow a two-step process to perform dispatch and pricing of the system. First, security-constrained economic dispatch of the system is performed, referred to as the dispatch run. Second, the calculation of Locational Marginal Prices is performed separately and subsequent to the dispatch run, referred to as the pricing run. The objective of both the dispatch run and the pricing run is to serve load and meet reserve requirements at the least cost while evaluating the same transmission constraints.
 >
 > In the pricing run, however, Integer Relaxation is performed to allow Eligible Fast-Start Resources that are online in the dispatch run, to set price as well as to incorporate their associated commitment costs. Integer Relaxation allows Eligible Fast-Start Resources that generally do not have wide dispatchable ranges to be fully dispatchable between zero and their Economic Maximum. Resources cannot be committed in the pricing run if they were not committed in the dispatch run. This in turn allows the optimization problem in the pricing run to use a fraction of a committed Eligible Fast-Start Resource’s output, including an amount less than the resource’s offered economic minimum output, in the determination of Locational Marginal Prices.
+
+### Markets in NESO
+
+Source: <d-cite key="neso2025electricity"></d-cite>
+
+<!-- prettier-ignore-start -->
+> There are several different markets operating across GB’s electricity system, some of the key ones being:
+> - **Wholesale electricity markets** include the sale and purchase of electricity between suppliers and generators. 
+> - **Retail electricity markets** involve suppliers selling electricity direct to consumers. 
+> - **Balancing mechanism market** refers to how the NESO balances real-time supply and demand through the Balancing Mechanism.
+> - **Balancing services market** include the range of services across the NESO that ensure the security and quality of electricity supply across GB’s transmission system.
+<!-- prettier-ignore-end -->

_wiki/wholesale-markets.md

@@ -4,17 +4,30 @@ description: The purchase and sale from generators to resellers.
 tags:
   - market
   - ferc
+  - neso
+related:
+  - market
 authors:
   - name: Jinning Wang
     url: https://jinningwang.github.io
 date: 2025-03-15
-last_update: 2025-06-20
+last_update: 2025-06-22
 ---
 
-**Wholesale Electricity Markets** <d-cite key="ferc2020glossary"></d-cite> by FERC
-
 ### Definition by FERC
 
 Source: <d-cite key="ferc2020glossary"></d-cite>
 
 > The purchase and sale of electricity from **generators to resellers** (who sell to retail customers) along with the ancillary services needed to maintain reliability and power quality at the transmission level.
+
+### Definition by NESO
+
+Source: <d-cite key="neso2025electricity"></d-cite>
+
+> The wholesale electricity market is where electricity is bought and sold before being delivered to consumers. Its two main participants are generators and suppliers.
+>
+> In GB, suppliers purchase electricity from generators at a wholesale price, which reflects the cost of electricity generation to meet consumer demand at any given time.
+>
+> In the wholesale market, there are three main models that determine how wholesale electricity is priced. In Great Britain, we currently use a system called national pricing. This means that at any given moment, there’s one price for wholesale electricity across the country.
+>
+> The wholesale price of electricity depends on a range of factors, including the level of demand, carbon taxes, cost of fuel and availability of resources like wind and sun. This price therefore fluctuates throughout the day, which can affect which generators are most competitive in the wholesale market.

assets/bibliography/papers.bib

@@ -1597,3 +1597,13 @@ @online{miso2023ferc881
 	pdf = {https://cdn.misoenergy.org/20230822%20RSC%20Item%2005%20FERC%20Order%20881%20Update%20(RSC%202018%2054A)%20(RSC%202021%2054B)629904.pdf},
   url = {https://cdn.misoenergy.org/20230822%20RSC%20Item%2005%20FERC%20Order%20881%20Update%20(RSC%202018%2054A)%20(RSC%202021%2054B)629904.pdf},
 }
+
+@online{neso2025electricity,
+  abbr = {Industry},
+  author = {National Electricity System Operator (NESO)},
+  title = {Electricity Markets Explained},
+  year = {2025},
+  url = {https://www.neso.energy/what-we-do/energy-markets/electricity-markets-explained},
+  html = {https://www.neso.energy/what-we-do/energy-markets/electricity-markets-explained},
+  bibtex_show = {true},
+}