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Optimal design of frequency regulation service contract using mechanism design theory Part 1 The contract model

LIU Guo-gang,LIU Ying,WEN Fu-shuan,ZHANG Yao(College of Electrical Engineering,South China University of Technology,Guangzhou 510640,China)  
Power industry restructuring has led to more serious challenge to the secure and stable operation of power systems,and how to procure adequate frequency regulation capacity is one of the most important issues with extensive concern.In this work,the problem of how to offer adequate incentive by the power grid company for a pumped-storage power plant to provide frequency regulation service is investigated.A principal-agent model is employed to develop the optimal frequency regulation service contract,and an equilibrium solution is attained.
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