Electricity market auction design: pay-as-bid vs. pay-as-clear

The phrases  “pay-as-bid” and "pay-as-clear” are used to describe how market participants are paid in a marketplace. These ideas crop up in competitive auctions throughout the energy sector and beyond, but are often discussed in the context of ancillary services auctions. So what do these terms mean?

Head to https://modo.energy/ to find out more.