Optimizing Instantaneous and Ramping Reserves with Different Response Speeds for Contingencies—Part II: Implications

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dc.contributor.authorSchipper, Josh
dc.contributor.authorWood, Alan
dc.contributor.authorEdwards, Conrad
dc.date.accessioned2020-06-17T03:20:51Z
dc.date.available2020-06-17T03:20:51Z
dc.date.issued2020en
dc.date.updated2020-05-01T01:01:32Z
dc.description.abstractPart I presents a formulation to optimize reserves for contingent events while explicitly including their response times. Part II highlights the implications of using this formulation in a reserves market. There are four aspects of the formulation that are of interest: (1) the performance of the solver, (2) the importance of inertia and contingency size. These implications are highlighted through two examples. (3) The proposed formulation is compared against a reserve optimization which does not distinguish between different response speeds, but adjusts the reserve requirement to satisfy the same frequency limits. Differentiating between response speeds within the optimization can provide a 23% reduction in total reserve requirement on average, which improves to a reduction of 52% in low inertia conditions. (4) A marginal pricing methodology is developed which prices reserve in a market context, and gives a unique price to each reserve provider depending on response speed. This gives incentive for reserve providers to improve response speed.en
dc.identifier.citationSchipper J, Wood A, Edwards C (2020). Optimizing Instantaneous and Ramping Reserves with Different Response Speeds for Contingencies—Part II: Implications. IEEE Transactions on Power Systems. 1-1.en
dc.identifier.doihttps://doi.org/10.1109/tpwrs.2020.2984702
dc.identifier.issn0885-8950
dc.identifier.issn1558-0679
dc.identifier.urihttps://hdl.handle.net/10092/100638
dc.language.isoen
dc.publisherInstitute of Electrical and Electronics Engineers (IEEE)en
dc.rightsAll rights reserved unless otherwise stateden
dc.rights.urihttp://hdl.handle.net/10092/17651en
dc.subjectReserve Marketsen
dc.subjectPrimary Frequency Control Reserveen
dc.subjectContingency Reserveen
dc.subjectQuadratically Constrained Programmingen
dc.subjectConvex Optimizationen
dc.subject.anzsrcField of Research::09 - Engineering::0906 - Electrical and Electronic Engineering::090608 - Renewable Power and Energy Systems Engineering (excl. Solar Cells)en
dc.subject.anzsrcField of Research::09 - Engineering::0906 - Electrical and Electronic Engineering::090607 - Power and Energy Systems Engineering (excl. Renewable Power)en
dc.titleOptimizing Instantaneous and Ramping Reserves with Different Response Speeds for Contingencies—Part II: Implicationsen
dc.typeJournal Articleen
uc.collegeFaculty of Engineering
uc.departmentElectrical and Computer Engineering
uc.departmentElectric Power Engineering Centre
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