Abstract
Frequency regulation services can be provided by emerging flexible resources such as electric vehicles and energy storage which can rapidly adjust the output in response to regulation signals, as long as there is an effective market to provide proper incentives. However, current regulation markets were designed for conventional thermal generating units, and it is difficult for the mileage-based bidding structure to express the cost characteristics of flexible resources. Therefore, the current mechanisms are not conducive to encouraging the participation of flexible resources in providing frequency regulation services. This paper proposes an incentive-compatible frequency regulation market for flexible resources, whose revisions to the existing mechanism include the bidding structure, clearing rules, and settlement rules that adapt to the characteristics of new resources. Compared with the current mechanism, the proposed mechanism can reduce the costs of deploying regulation and more reasonably allocate the revenues for regulation services. The case studies verify the effectiveness of the proposed mechanism.
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