Quantifying the benefits of energy and ancillary services market

Author

Yang Gu ; Zheng Zhou ; Rui Bo ; Hecker, Liangying ; Jie Yan ; Okullo, James

Author_Institution

Policy & Econ. Studies Dept., Midwest Indep. Transm. Syst. Operator, Inc., St. Paul, MN, USA

fYear

2013

fDate

21-25 July 2013

Firstpage

1

Lastpage

5

Abstract

This paper presents a methodology to quantify the economic benefits of having centralized energy market and ancillary services market. A long-term production cost simulation model, which performs security-constrained unit commitment (SCUC) and security-constrained economic dispatch (SCED), is employed to simulate the operating conditions of the system with and without the energy and ancillary services market. The proposed methodology is used in the Midwest Independent Transmission System Operator, Inc. (MISO)´s Value Proposition study, which looks into the value provided by MISO to its market participants and their customers.

Keywords

power markets; power system economics; power system security; power system simulation; Midwest Independent Transmission System Operator, Inc; ancillary services market; energy market; long-term production cost simulation model; security-constrained economic dispatch; security-constrained unit commitment; Barium; Companies; Economics; Educational institutions; Production; Reliability; Spinning; Ancillary Services Market; Energy Market; Production Cost; Reserve; Value Proposition;

fLanguage

English

Publisher

ieee

Conference_Titel

Power and Energy Society General Meeting (PES), 2013 IEEE

Conference_Location

Vancouver, BC

ISSN

1944-9925

Type

conf

DOI

10.1109/PESMG.2013.6672486

Filename

6672486