Electrical Engineering and Systems Science > Systems and Control
[Submitted on 20 Feb 2023]
Title:Dynamic Reserves for Managing Wind Power
View PDFAbstract:In this paper, we suggest that reserves must be computed dynamically to account for wind power volatility. We formalize the notion of dynamic reserves in support of sequential Day-Ahead-Market (DAM) and Real-Time-Market (RTM) clearing and discuss several ways of accounting for wind power uncertainties. Three different wind integration protocols are considered and their impact on stakeholders, and, notably, on the need for dynamic reserves is analyzed. An optimal strategy is proposed which requires the least reserve as long as the bids are truthful and implementable with high confidence. This can be checked by the existing market monitor and/or by a separate risk buro. Concepts are illustrated in part using publicly available information about NYISO.
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