Abstract
With the increase of renewable energy in the power system, the volatility of net load and uncertainty in the power system continue to increase. This can increase the number of ramp events and supply and demand imbalances in the power system, which can lead to abnormal and inefficient operations such as price instability and price spikes in the power market. Accordingly, securing ramping capability to strengthen flexibility is becoming important. In this paper, we will look at the markets introduced by ISO, especially CAISO and NYISO in the United States to secure ramping up/down resources. MIRTM(multi-interval real time market) is a market based on real time unit commitment and look-ahead dispatch considering continuous time. MIRTM operation can reflect the volatility of the net load in economic dispatch, but there is a limit to reflecting shortterm uncertainty of net load, and there is an issue related to the uplift in determining electricity prices. It is analyzed that these limitations of MIRTM can be partially supplemented through the FRP(flexible ramping product) introduced by CAISO. The FRP is a product that ensures a 95% confidence interval for net load forecasting error in economic dispatch. Through FRP, pure energy prices and ramping related costs can be distinguished in MIRTM, and and it is analyzed that FRP can be a reasonable decision method to calculate the uplift in MIRTM.
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