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Standardized contracts with swing for the market-supported procurement of energy and reserve

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  • Tesfatsion, Leigh
  • Heo, Deung-Yong

Abstract

These are the key findings for the SC system: permits full, separate, market-based compensation for service availability and service performance (FERC Order 755); facilitates a level playing field for market participation; facilitates co-optimization of energy and reserve markets; supports forward-market trading of energy and reserve; permits service providers to offer flexible service availability; provides system operators with real-time flexibility in service usage; facilitates accurate load forecasting and following of dispatch signals; permits resources to internally manage UC and capacity constraint; permits the robust-control management of uncertain net load; eliminates the need for out-of-market payment adjustments; and reduces the complexity of market rules.

Suggested Citation

  • Tesfatsion, Leigh & Heo, Deung-Yong, 2015. "Standardized contracts with swing for the market-supported procurement of energy and reserve," ISU General Staff Papers 201501010800001052, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:201501010800001052
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