Joint energy and reserve market design with explicit consideration on frequency quality

Abstract Energy and reserve markets are two important market components in the deregulated power industry. Energy markets provide a platform for generating companies, retailers, and big energy consumers to centrally trade electricity. However, owing to the varying renewable power generation, load va...

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Autores principales:	Jin Ma, Kate Summers, Fushuan Wen
Formato:	article
Lenguaje:	EN
Publicado:	Wiley 2021
Materias:	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
Acceso en línea:	https://doaj.org/article/932ab1cbd87c4632a1a1dbefa974f8d8
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spelling	oai:doaj.org-article:932ab1cbd87c4632a1a1dbefa974f8d82021-11-22T16:30:34ZJoint energy and reserve market design with explicit consideration on frequency quality2634-158110.1049/enc2.12025https://doaj.org/article/932ab1cbd87c4632a1a1dbefa974f8d82021-03-01T00:00:00Zhttps://doi.org/10.1049/enc2.12025https://doaj.org/toc/2634-1581Abstract Energy and reserve markets are two important market components in the deregulated power industry. Energy markets provide a platform for generating companies, retailers, and big energy consumers to centrally trade electricity. However, owing to the varying renewable power generation, load variation and unexpected contingencies, energy supply and consumption always embody high uncertainties. Furthermore, due to the lack of low‐cost, large‐capacity energy storage devices, an instant balance between the generation and load is required under these uncertainties. Therefore, the reserve market is set up to address the balance‐disruptive uncertainties intrinsic to the power grid. Although this combined market design reduces the risk of the possible imbalance in energy supply and consumption, it does not guarantee that the frequency of the grid is satisfactory, even in the normal operation. This study analyzes the insufficiency of the energy and reserve market design in addressing frequency quality problems by exploring the root causes for the deteriorating frequency quality in the Australian National Electricity Market. A novel framework that incorporates the frequency quality, control capacity, and control cost to achieve the desired frequency quality is then presented. Case studies through a simple power system and the IEEE 30‐bus system demonstrate the efficacy of the presented methods.Jin MaKate SummersFushuan WenWileyarticleEnergy industries. Energy policy. Fuel tradeHD9502-9502.5Production of electric energy or power. Powerplants. Central stationsTK1001-1841ENEnergy Conversion and Economics, Vol 2, Iss 1, Pp 25-34 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
spellingShingle	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841 Jin Ma Kate Summers Fushuan Wen Joint energy and reserve market design with explicit consideration on frequency quality
description	Abstract Energy and reserve markets are two important market components in the deregulated power industry. Energy markets provide a platform for generating companies, retailers, and big energy consumers to centrally trade electricity. However, owing to the varying renewable power generation, load variation and unexpected contingencies, energy supply and consumption always embody high uncertainties. Furthermore, due to the lack of low‐cost, large‐capacity energy storage devices, an instant balance between the generation and load is required under these uncertainties. Therefore, the reserve market is set up to address the balance‐disruptive uncertainties intrinsic to the power grid. Although this combined market design reduces the risk of the possible imbalance in energy supply and consumption, it does not guarantee that the frequency of the grid is satisfactory, even in the normal operation. This study analyzes the insufficiency of the energy and reserve market design in addressing frequency quality problems by exploring the root causes for the deteriorating frequency quality in the Australian National Electricity Market. A novel framework that incorporates the frequency quality, control capacity, and control cost to achieve the desired frequency quality is then presented. Case studies through a simple power system and the IEEE 30‐bus system demonstrate the efficacy of the presented methods.
format	article
author	Jin Ma Kate Summers Fushuan Wen
author_facet	Jin Ma Kate Summers Fushuan Wen
author_sort	Jin Ma
title	Joint energy and reserve market design with explicit consideration on frequency quality
title_short	Joint energy and reserve market design with explicit consideration on frequency quality
title_full	Joint energy and reserve market design with explicit consideration on frequency quality
title_fullStr	Joint energy and reserve market design with explicit consideration on frequency quality
title_full_unstemmed	Joint energy and reserve market design with explicit consideration on frequency quality
title_sort	joint energy and reserve market design with explicit consideration on frequency quality
publisher	Wiley
publishDate	2021
url	https://doaj.org/article/932ab1cbd87c4632a1a1dbefa974f8d8
work_keys_str_mv	AT jinma jointenergyandreservemarketdesignwithexplicitconsiderationonfrequencyquality AT katesummers jointenergyandreservemarketdesignwithexplicitconsiderationonfrequencyquality AT fushuanwen jointenergyandreservemarketdesignwithexplicitconsiderationonfrequencyquality
_version_	1718417507981721600

Joint energy and reserve market design with explicit consideration on frequency quality

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