In the competitive environment of power industry, analysis of interactions among different markets is useful for market policy makers to gain access to desirable designs and rules. In this paper, the energy and spinning reserve markets are considered as an integrated structure and a novel index called Interaction Factor is introduced to quantitatively analyze the interaction between the energyspinning reserve and replacement reserve markets. A Monte Carlo simulation method is applied on a study system to examine the interaction between the markets in different design models related to market clearing and payment rules. The results of simulations considering different load levels are illustrated and the interaction between the studied markets is quantitatively discussed. The observations indicate some significant influences of the different market design models and the system load levels on the interactions between the studied arkets.

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