NDLI: Flexiramp market design for real-time operations: Can it approach the stochastic optimization ideal?

Content Provider	IEEE Xplore Digital Library
Author	Beibei Wang Hobbs, B.F.
Copyright Year	2013
Description	Author affiliation: Dept. of Geogr. & Environ. Eng., Johns Hopkins Univ., Baltimore, MD, USA (Hobbs, B.F.) \|\| Sch. of Electr. Eng., Southeast Univ., Nanjing, China (Beibei Wang)
Abstract	Some ISOs are creating short-run markets for “flexiramp” products to ensure that sufficient flexible capacity is on-line to manage increased volatility of net loads expected under high levels of renewable integration. We evaluate some basic features of flexiramp market designs by comparing the solutions of (1) a deterministic dispatch model with a flexible ramping constraint with (2) a stochastic dispatch model. Our fundamental assumption is that the purpose of the flexiramp product is to improve the expected performance, in terms of costs, prices, and reliability, of the deterministic market models used by ISOs, with a stochastic model being ideal. A highly simplified market is considered so that fundamental reasons for successes (and failures) of flexiramp markets can be readily understood and replicated. The deterministic and stochastic models are compared considering the dispatch, prices, settlements, and market efficiency resulting from the actual realizations of net load. Our preliminary results illustrate the contribution of the flexiramp product to market efficiency if the optimal amount of flexiramp is secured, but they also clearly show that flexiramp constraints are insufficient to produce the least expected cost solution. Accordingly, we recommend careful design of the ramp product market and, ultimately, transition to the use of full stochastic dispatch and commitment models.
Sponsorship	IEEE Power Energy Soc.
Starting Page	1
Ending Page	5
File Size	467021
Page Count	5
File Format	PDF
ISBN	9781479913039
ISSN	19449925
DOI	10.1109/PESMG.2013.6672220
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-07-21
Publisher Place	Canada
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Load modeling Stochastic processes Schedules Generators Thermal loading Thermal engineering Load forecasting renewable energy integration Real-time market flexible ramp market stochas-tic programming
Content Type	Text
Resource Type	Article

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