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《Automation of Electric Power Systems》 2003-02
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DESIGN AND OPTIMIZATION MODEL OF USA NEW ENGLAND RESERVE MARKET

Gan Deqiang 1, Hu Zhaoyang 1, Shen Chen 2 (1. Zhejiang University, Hangzhou 310027, China; 2. Tsinghua University, Beijing 100084, China)  
In this paper, the spinning reserve market of New England electricity market is described. A new co optimization model of energy and reserve dispatch is proposed. The proposed model can accurately model the lost opportunity cost of generators providing reserves. The paper suggests a method to convert the proposed non differential optimization problem into a mixed integer programming problem and solve it using a standard branch and bound algorithm. Marginal costs of energy and reserve under several market designs are derived and illustrated. The multiplicity of optimal solutions of the co optimization problem is discussed. The paper also analyzes a co optimization algorithm that is being used in New England and points out the heuristic nature of the algorithm. The study shows that a market design involving lost opportunity cost minimization is structurally complicated and computationally challenging. The main results lay down the foundations for implementing the co optimization market design suggested by FERC recently.
【CateGory Index】: F416.6
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