This presentation describes a market-clearing model that co-optimizes energy and reserve on an hourly basis and spans a daily time horizon. This model considers network constraints, takes into account the cost of the load shedding and is suitable for electric energy systems with high penetration of wind power. The model is a two-stage stochastic programming problem, whose first stage represents the market clearing and whose second stage represents via scenarios the most plausible operating conditions under wind variability. The model output includes the accepted producer offers and consumer bids for energy, the required level of spinning and non-spinning reserves and the clearing prices. BIO: Antonio J. Conejo, full professor at the Universidad de Castilla-La Mancha, Spain, received the M.S. from MIT and the Ph.D. from the Royal Institute of Technology, Sweden. He has published over 125 papers in SCI journals and is the author or coauthor of books published by Springer, John Wiley, McGraw-Hill and CRC. He has been the principal investigator of many research projects financed by public agencies and the power industry and has supervised 16 PhD theses. He is the Editor-in-Chief of the IEEE Transactions on Power Systems and an IEEE Fellow.