Abstract
Procurement and pricing of electric power and ancillary services is one of the most important issues of electricity market manager under new restructured environment. Ancillary services are necessary to provide security and reliability constraints applied to the dispatching and scheduling problem while they are essential for commercial functions. In a market payments should be based on energy and ancillary services capacities. Spinning Reserve (SR) is an ancillary service that is coupled with energy capacity, should be procured and priced via a joint economic dispatch mechanism to provide a right signal for all electricity customers. This paper presents a new approach for joint economic dispatch as an optimal criterion for spinning reserve allocation and pricing. Case study shows the significance of the proposed methodology.
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