Valuation of reserve services

Pablo A. Ruiz; Peter W. Sauer

doi:10.1109/HICSS.2008.489

Valuation of reserve services

Pablo A. Ruiz, Peter W. Sauer

Electrical and Computer Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

Spinning reserve is idle capacity connected to the system with the purpose of balancing power demand and supply in real-time and ensuring reliable system operations in the case of equipment outages. The reserve has an economic value since it reduces the load shedding costs. This value is impacted by the reliability and dynamic characteristics of system components, the variability of the load from its forecast, the system operation policies, and economic aspects such as the risk preferences of the demand. In this paper, we take into account all these aspects to estimate the reserve value. The results require little computational effort, and are useful in the development of reserve demand functions and optimal reserve requirements.

Original language	English (US)
Title of host publication	Proceedings of the 41st Annual Hawaii International Conference on System Sciences 2008, HICSS
DOIs	https://doi.org/10.1109/HICSS.2008.489
State	Published - 2008
Event	41st Annual Hawaii International Conference on System Sciences 2008, HICSS - Big Island, HI, United States Duration: Jan 7 2008 → Jan 10 2008

Publication series

Name	Proceedings of the Annual Hawaii International Conference on System Sciences
ISSN (Print)	1530-1605

Other

Other	41st Annual Hawaii International Conference on System Sciences 2008, HICSS
Country/Territory	United States
City	Big Island, HI
Period	1/7/08 → 1/10/08

ASJC Scopus subject areas

General Engineering

Online availability

10.1109/HICSS.2008.489

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Ruiz, PA & Sauer, PW 2008, Valuation of reserve services. in Proceedings of the 41st Annual Hawaii International Conference on System Sciences 2008, HICSS., 4438884, Proceedings of the Annual Hawaii International Conference on System Sciences, 41st Annual Hawaii International Conference on System Sciences 2008, HICSS, Big Island, HI, United States, 1/7/08. https://doi.org/10.1109/HICSS.2008.489

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AB - Spinning reserve is idle capacity connected to the system with the purpose of balancing power demand and supply in real-time and ensuring reliable system operations in the case of equipment outages. The reserve has an economic value since it reduces the load shedding costs. This value is impacted by the reliability and dynamic characteristics of system components, the variability of the load from its forecast, the system operation policies, and economic aspects such as the risk preferences of the demand. In this paper, we take into account all these aspects to estimate the reserve value. The results require little computational effort, and are useful in the development of reserve demand functions and optimal reserve requirements.

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ER -

Valuation of reserve services

Abstract

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