Abstract
Abstract Unpredictable load demand variations and also sudden generation interruption may cause imbalance in power systems. To prevent any blackout and to reduce such total power imbalance, spinning reserve can provide electric power system ability to respond. Adequate amount of spinning reserve should be based on economy and risk as an optimal decision making. This paper uses Quadratic Programming (QP) method to solve Joint Energy & Spinning Reserve Dispatch (JESRD) problem and derives the optimal price of spinning reserve. In JESRD, Unserved Energy Cost (UEC) is considered as an Opportunity Cost of Spinning Reserve (OCSR). To distribute the System Reserve Requirements (SRR) among generation units, two different models, Fixed Reserve Percentage (FRP) or fixed allocation model and Non-Fixed Reserve Percentage (NFRP) or flexible allocation model has been investigated. Numerical results on a 5-bus test system and the 30-bus IEEE standard system, considering FRP and NFRP models are included.
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