Spinning Contingency Reserve: Economic Value and Demand Functions
Spinning contingency reserve is idle capacity connected to the system to ensure reliable operations in the case of equipment outages. The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into accou...
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| Veröffentlicht in: | IEEE transactions on power systems 2008-08, Vol.23 (3), p.1071-1078 |
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| container_title | IEEE transactions on power systems |
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| creator | Ruiz, P.A. Sauer, P.W. |
| description | Spinning contingency reserve is idle capacity connected to the system to ensure reliable operations in the case of equipment outages. The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into account the value of reserve in the market clearing process. These often take the form of a step-down function at the reserve requirement level, and as such they may not appropriately represent the reserve value. The value of spinning contingency reserve is impacted by the reliability and dynamic characteristics of system components, the system operation policies, and the economic aspects such as the risk preferences of the demand. In this paper, we take into account these aspects to approximate the reserve value and construct reserve demand functions. The results are obtained in closed form. Illustrative examples show that the demand functions constructed have similarities with those implemented in some markets. |
| doi_str_mv | 10.1109/TPWRS.2008.922230 |
| format | Article |
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The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into account the value of reserve in the market clearing process. These often take the form of a step-down function at the reserve requirement level, and as such they may not appropriately represent the reserve value. The value of spinning contingency reserve is impacted by the reliability and dynamic characteristics of system components, the system operation policies, and the economic aspects such as the risk preferences of the demand. In this paper, we take into account these aspects to approximate the reserve value and construct reserve demand functions. The results are obtained in closed form. Illustrative examples show that the demand functions constructed have similarities with those implemented in some markets.</description><identifier>ISSN: 0885-8950</identifier><identifier>EISSN: 1558-0679</identifier><identifier>DOI: 10.1109/TPWRS.2008.922230</identifier><identifier>CODEN: ITPSEG</identifier><language>eng</language><publisher>New York: IEEE</publisher><subject>Contingency ; Costs ; Demand ; Demand curve ; Dynamical systems ; Economic forecasting ; Economic models ; Economics ; electricity market ; Electricity supply industry ; Industrial economics ; Load forecasting ; Load management ; Marketing ; Markets ; Markov process ; Markov processes ; operating reserve ; Power generation economics ; Power system reliability ; Reserves ; risk aversion ; Spinning ; spinning reserve ; Studies</subject><ispartof>IEEE transactions on power systems, 2008-08, Vol.23 (3), p.1071-1078</ispartof><rights>Copyright The Institute of Electrical and Electronics Engineers, Inc. (IEEE) 2008</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c388t-c1338bed5296cb942de07061b7e148ab8c576a051db8d09dcb05515a72037e053</citedby><cites>FETCH-LOGICAL-c388t-c1338bed5296cb942de07061b7e148ab8c576a051db8d09dcb05515a72037e053</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://ieeexplore.ieee.org/document/4511484$$EHTML$$P50$$Gieee$$H</linktohtml><link.rule.ids>315,781,785,797,27926,27927,54760</link.rule.ids><linktorsrc>$$Uhttps://ieeexplore.ieee.org/document/4511484$$EView_record_in_IEEE$$FView_record_in_$$GIEEE</linktorsrc></links><search><creatorcontrib>Ruiz, P.A.</creatorcontrib><creatorcontrib>Sauer, P.W.</creatorcontrib><title>Spinning Contingency Reserve: Economic Value and Demand Functions</title><title>IEEE transactions on power systems</title><addtitle>TPWRS</addtitle><description>Spinning contingency reserve is idle capacity connected to the system to ensure reliable operations in the case of equipment outages. The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into account the value of reserve in the market clearing process. These often take the form of a step-down function at the reserve requirement level, and as such they may not appropriately represent the reserve value. The value of spinning contingency reserve is impacted by the reliability and dynamic characteristics of system components, the system operation policies, and the economic aspects such as the risk preferences of the demand. In this paper, we take into account these aspects to approximate the reserve value and construct reserve demand functions. The results are obtained in closed form. Illustrative examples show that the demand functions constructed have similarities with those implemented in some markets.</description><subject>Contingency</subject><subject>Costs</subject><subject>Demand</subject><subject>Demand curve</subject><subject>Dynamical systems</subject><subject>Economic forecasting</subject><subject>Economic models</subject><subject>Economics</subject><subject>electricity market</subject><subject>Electricity supply industry</subject><subject>Industrial economics</subject><subject>Load forecasting</subject><subject>Load management</subject><subject>Marketing</subject><subject>Markets</subject><subject>Markov process</subject><subject>Markov processes</subject><subject>operating reserve</subject><subject>Power generation economics</subject><subject>Power system reliability</subject><subject>Reserves</subject><subject>risk aversion</subject><subject>Spinning</subject><subject>spinning reserve</subject><subject>Studies</subject><issn>0885-8950</issn><issn>1558-0679</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2008</creationdate><recordtype>article</recordtype><sourceid>RIE</sourceid><recordid>eNp9kU9PwkAQxTdGExH9AMZL40G9FGf_dtcbQVATEg2gHpt2O5gS2GKXmvDt3Yrx4IHTO8zvvczMI-ScQo9SMLezl_fJtMcAdM8wxjgckA6VUsegEnNIOqC1jLWRcExOvF8AgAqDDulP16VzpfuIBpXbBEVnt9EEPdZfeBcNbeWqVWmjt2zZYJS5IrrHVSujxtlNWTl_So7m2dLj2a92yetoOBs8xuPnh6dBfxxbrvUmtpRznWMhmVE2N4IVCAkomidIhc5ybWWiMpC0yHUBprA5SEllljDgCYLkXXK9y13X1WeDfpOuSm9xucwcVo1PDXAlhKY6kFd7SS6EMkK1kTd7QQqccmBhzYBe_kMXVVO7cHCqFdNMqqTNozvI1pX3Nc7TdV2usnobktK2pvSnprStKd3VFDwXO0-JiH-8kDR8RfBvBVyMFg</recordid><startdate>20080801</startdate><enddate>20080801</enddate><creator>Ruiz, P.A.</creator><creator>Sauer, P.W.</creator><general>IEEE</general><general>The Institute of Electrical and Electronics Engineers, Inc. (IEEE)</general><scope>97E</scope><scope>RIA</scope><scope>RIE</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7SP</scope><scope>7TB</scope><scope>8FD</scope><scope>FR3</scope><scope>KR7</scope><scope>L7M</scope><scope>F28</scope></search><sort><creationdate>20080801</creationdate><title>Spinning Contingency Reserve: Economic Value and Demand Functions</title><author>Ruiz, P.A. ; Sauer, P.W.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c388t-c1338bed5296cb942de07061b7e148ab8c576a051db8d09dcb05515a72037e053</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2008</creationdate><topic>Contingency</topic><topic>Costs</topic><topic>Demand</topic><topic>Demand curve</topic><topic>Dynamical systems</topic><topic>Economic forecasting</topic><topic>Economic models</topic><topic>Economics</topic><topic>electricity market</topic><topic>Electricity supply industry</topic><topic>Industrial economics</topic><topic>Load forecasting</topic><topic>Load management</topic><topic>Marketing</topic><topic>Markets</topic><topic>Markov process</topic><topic>Markov processes</topic><topic>operating reserve</topic><topic>Power generation economics</topic><topic>Power system reliability</topic><topic>Reserves</topic><topic>risk aversion</topic><topic>Spinning</topic><topic>spinning reserve</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Ruiz, P.A.</creatorcontrib><creatorcontrib>Sauer, P.W.</creatorcontrib><collection>IEEE All-Society Periodicals Package (ASPP) 2005-present</collection><collection>IEEE All-Society Periodicals Package (ASPP) 1998-Present</collection><collection>IEEE Electronic Library (IEL)</collection><collection>CrossRef</collection><collection>Electronics & Communications Abstracts</collection><collection>Mechanical & Transportation Engineering Abstracts</collection><collection>Technology Research Database</collection><collection>Engineering Research Database</collection><collection>Civil Engineering Abstracts</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>ANTE: Abstracts in New Technology & Engineering</collection><jtitle>IEEE transactions on power systems</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext_linktorsrc</fulltext></delivery><addata><au>Ruiz, P.A.</au><au>Sauer, P.W.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Spinning Contingency Reserve: Economic Value and Demand Functions</atitle><jtitle>IEEE transactions on power systems</jtitle><stitle>TPWRS</stitle><date>2008-08-01</date><risdate>2008</risdate><volume>23</volume><issue>3</issue><spage>1071</spage><epage>1078</epage><pages>1071-1078</pages><issn>0885-8950</issn><eissn>1558-0679</eissn><coden>ITPSEG</coden><abstract>Spinning contingency reserve is idle capacity connected to the system to ensure reliable operations in the case of equipment outages. The reserve has an economic value since it reduces the outage costs. In several electricity markets, reserve demand functions have been implemented to take into account the value of reserve in the market clearing process. These often take the form of a step-down function at the reserve requirement level, and as such they may not appropriately represent the reserve value. The value of spinning contingency reserve is impacted by the reliability and dynamic characteristics of system components, the system operation policies, and the economic aspects such as the risk preferences of the demand. In this paper, we take into account these aspects to approximate the reserve value and construct reserve demand functions. The results are obtained in closed form. Illustrative examples show that the demand functions constructed have similarities with those implemented in some markets.</abstract><cop>New York</cop><pub>IEEE</pub><doi>10.1109/TPWRS.2008.922230</doi><tpages>8</tpages></addata></record> |
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| language | eng |
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| source | IEEE Electronic Library (IEL) |
| subjects | Contingency Costs Demand Demand curve Dynamical systems Economic forecasting Economic models Economics electricity market Electricity supply industry Industrial economics Load forecasting Load management Marketing Markets Markov process Markov processes operating reserve Power generation economics Power system reliability Reserves risk aversion Spinning spinning reserve Studies |
| title | Spinning Contingency Reserve: Economic Value and Demand Functions |
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