Operational equilibrium of risk and economic efficiency in Real-time market

Defining and evaluating operational equilibriums in real-time market, constrained by operation risks and economical biddings, is in the center of market operation and its enhancement. For example, in the two-settlement market design, reliability unit commitment is an important stage to bridge day-ahead market with Real-time system operation, which commits additional units to cover forecasted load and operating reserve for real-time. If coupled with reliability assessment, additional steam units may be committed at this stage to mitigate additional transmission congestions and support outages. Operators and market operation analysts need constant review and follow up the dispatch decisions, which indeed reflects the operational challenges on the balance of lowest cost energy dispatch and lowest cost capacity. This panel will review the current practices and discuss the future trends.