Abstract
The decarbonization policies implemented around the world have led to an ever-increasing penetration of variable Renewable Energy Sources (RES) posing new challenges to modern power systems in terms of adequacy and operational security. Flexibility has emerged as key concept in this new reality, albeit it remains without a universally agreed definition or a concrete assessment framework. This chapter contributes in filling this gap, presenting a step-wise methodological framework for assessing power system flexibility. It combines preliminary model independent analyses with simulations based on a Unit Commitment and Economic Dispatch (UCED) model, representing the sequence of Day-Ahead, Intraday and Balancing Markets, along with System’s operational constraints such as Reserve requirements. Monte-Carlo simulations are employed for capturing the effects of RES and load variability, different hydro conditions, and contingencies in generating assets. A discussion on some key modeling challenges, such as of storage, Demand Response (DR), level of aggregation of generating units, maintenance requirements, and temperature dependency of demand is also provided.
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