Abstract
Current reserve procurement approaches ignore the stochastic nature of reserve asset availability itself and thus limit the type and volume of reserve offers. This paper develops a reliability-aware probabilistic approach that allows renewable generators and load ensembles to offer reserve capacity with reliability attributes. Offers with low reliability are priced at lower levels. The original non-convex market clearing problem is approximated by a MILP reformulation. The proposed probabilistic reserve procurement allows restricted reserve providers to enter the market, thereby increases liquidity and has the potential to lower procurement costs in power systems with high shares of variable renewable energy sources.
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