Abstract
The Electric Reliability Council of Texas (ERCOT) operating reserve demand curve (ORDC) is a complex mathematical tool used as the ERCOT market’s scarcity pricing mechanism. For it to be improved, it must first be understood. This work explains why the curve does not produce a loss of load probability equal to 1.0 when reserve level equals zero or the administratively imposed zero at the minimum contingency level (MCL or X).
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