Timing of reserve markets Sample Clauses

Timing of reserve markets. ‌ In parallel to the timing of the “energy” product, it has to be also determined the timing of the ancillary services products. If co-optimization (energy-ancillary services) is to be considered, the timing of the ancillary services products is linked with that of the energy product. Here the alternatives are: • Long-term procurement of reserves • Short-term procurement of reserves • Day-ahead • Day-ahead plus intraday updates • Hybrid procurement • Reserves are acquired under different schemes with different timing (e.g. regulatory requirements satisfied on year/month/week-ahead; free bids complement the reserve pool on a day-ahead or intraday timeframe)
Sample 1
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Timing of reserve markets. Efficiency Exclusively implementing long-term procurement of reserves clearly restricts VRE participation due to the limited predictability of its generation. Therefore, this option does not reflect the contradicting interests of renewable generators to take part in shorter time frames (due to uncertainty in production). However it can be considered a long-term necessary signal for some plants (e.g. to avoid some thermal units which are required to balance the system to mothball). Exclusively procuring reserves in the very short-term does not allow the participation of some slower plants. In this respect, some conventional generators prefer day-ahead frames, e.g. for start-up time planning (decision for thermal units is about 6 to 8 hours ahead) (Xxxxxxx, Xxxxxxx, & Xxxxxxxx, 2015). The day-ahead seems to be a reasonable time frame to maximize the value of non-flexible resources. Considering the variant with intraday updates, market players with variable generation have the option to self-balance their deviations. This in turn provides the potential to “reduce the reserve power capacity requirements and costs in the balancing market so that fewer power plants have to operate in an inefficient partial load mode in order to deliver balancing services” (Xxxxxxxx & Xxxxx, 2015). Consequently, a combination of long-term, day-ahead and shorter-term procurement would maximize the value of existing non-flexible sources, while taking advantage of the potential of VRE to participate in the market.
Sample 1

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