Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch

Research output: Research - peer-reviewJournal article – Annual report year: 2018

Documents

DOI

View graph of relations

This paper deals with the problem of clearing sequential electricity markets under uncertainty. We consider the European approach, where reserves are traded separately from energy to meet exogenous reserve requirements. Recently proposed stochastic dispatch models that co-optimize these services provide the most efficient solution in terms of expected operating costs by computing reserve needs endogenously. However, these models are incompatible with existing market designs. This paper proposes a new method to compute reserve requirements that bring the outcome of sequential markets closer to the stochastic energy and reserves co-optimization in terms of cost efficiency. Our method is based on a stochastic bilevel program that implicitly improves the inter-temporal coordination of energy and reserve markets, but remains compatible with the European market design. We use two standard IEEE reliability test cases to illustrate the benefit of intelligently setting operating reserves in single and multiple reserve control zones.
Original languageEnglish
JournalIEEE Transactions on Power Systems
VolumePP
Issue number99
Number of pages13
ISSN0885-8950
DOIs
StateAccepted/In press - 2018
CitationsWeb of Science® Times Cited: 0

    Research areas

  • Bilevel optimization, Electricity markets, Market clearing, Reserve requirements, Stochastic programming
Download as:
Download as PDF
Select render style:
APAAuthorCBE/CSEHarvardMLAStandardVancouverShortLong
PDF
Download as HTML
Select render style:
APAAuthorCBE/CSEHarvardMLAStandardVancouverShortLong
HTML
Download as Word
Select render style:
APAAuthorCBE/CSEHarvardMLAStandardVancouverShortLong
Word

Download statistics

No data available

ID: 159349606