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Co-optimization of energy and reserve with Incentives to Wind Generation

Author

Listed:
  • Smeers, Yves

    (Université catholique de Louvain, LIDAM/CORE, Belgium)

  • Martin, Sebastian
  • Aguado, Jose A.

Abstract

Transitioning from fossil fuel dominated power systems to high penetrations of intermittent renewable generation is affecting classical electricity market designs. Here, a method is proposed to model and assess the absence of co-optimization of energy and reserve that prevails in the European system. Co-optimization is formulated through an optimization problem (COM), and its absence as an equilibrium problem (EQM) built on Karush-Kuhn-Tucker conditions of agents’ optimization and market clearing equations. EQM cannot be reformulated as a single optimization problem. Market distortions are identified by comparing the complementarity conditions of both models. These are then discussed on system with Feed in Premium to wind generation. Parameters in the models allow to represent different market configurations regarding: available wind generation, Feed in Premium to wind, generators’ risk aversion, and required reserve from wind generation.

Suggested Citation

  • Smeers, Yves & Martin, Sebastian & Aguado, Jose A., 2021. "Co-optimization of energy and reserve with Incentives to Wind Generation," LIDAM Reprints CORE 3174, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:3174
    DOI: https://doi.org/10.1109/TPWRS.2021.3114376
    Note: In: IEEE Transactions on Power Systems, 2021
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    Cited by:

    1. Luigi Viola & Saeed Nordin & Daniel Dotta & Mohammad Reza Hesamzadeh & Ross Baldick & Damian Flynn, 2023. "Ancillary Services in Power System Transition Toward a 100% Non-Fossil Future: Market Design Challenges in the United States and Europe," Papers 2311.02090, arXiv.org.
    2. David P. Brown & Andrew Eckert & Douglas Silveira, 2023. "Strategic interaction between wholesale and ancillary service markets," Competition and Regulation in Network Industries, , vol. 24(4), pages 174-198, December.

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