Abstract
Following FERC Order 755 in October 2011, wholesale markets in the US adopted a two-part compensation structure in their regulation markets, paying for regulation capacity made available as well as the quantity of regulation actually provided. In this letter, we first present a mathematical model for Pennsylvania–Jersey–Maryland market clearing process for their energy and regulation markets. We then compute the optimal offer of a single energy resource offering its services into such an energy and regulation market. Finally, we empirically illustrate our offer strategy through case studies.
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