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Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch
2019
IEEE Transactions on Power Systems
This paper deals with the problem of clearing sequential electricity markets under uncertainty. We consider the European approach, where reserves are traded separately from energy to meet exogenous reserve requirements. Recently proposed stochastic dispatch models that co-optimize these services provide the most efficient solution in terms of expected operating costs by computing reserve needs endogenously. However, these models are incompatible with existing market designs. This paper proposes
doi:10.1109/tpwrs.2018.2878723
fatcat:5dkwdn3sorcg5jnyohux6p2hey