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Strategic bidding in secondary reserve markets

F.A. Campos, A. Muñoz, E.F. Sánchez-Úbeda, J. Portela

Electricity markets are based on several sequential energy and reserve trading mechanisms to constantly maintain the balance between generation and demand. During the last years, reserve markets are getting much importance all around the world with the increasing social awareness of the renewable energy benefits. Additional reserve quantities and larger remunerations are being implemented by the regulators since this renewable energy is highly dependent on weather conditions uncertainties. Utilities are therefore demanding more and more powerful models to better optimize their reserve bidding curves to be sent to the system operators. This paper describes a new methodology to obtain an optimized real bidding curve for the secondary (spinning) reserve market. The approach is based on the maximization of a company profit, assuming a set of residual demand curves scenarios for its competitors’representation, and considering the day-ahead market opportunity cost to build the reserve cost curve. The case study validates the main features of the proposed methodology by its application to the Spanish secondary reserve market. This methodology is being daily used by one of the most important electricity companies in Spain.

Palabras clave: Ancillary services, bidding strategies, electricity markets, mixed integer programming, residual demand curve.

IEEE Transactions on Power Systems. Volumen: 31 Número: 4 Páginas: 2847-2856

Índice de impacto JCR y cuartil WoS: 5.680 - Q1 (2016); 6.807 - Q1 (2018)

Referencia DOI: DOI icon 10.1109/TPWRS.2015.2453477    

Publicado en papel: Julio 2016. Publicado on-line: Septiembre 2015.

F.A. Campos, A. Muñoz, E.F. Sánchez-Úbeda, J. Portela. Strategic bidding in secondary reserve markets. IEEE Transactions on Power Systems. vol. 31, no. 4, pp. 2847-2856, Julio 2016. [Online: Septiembre 2015]

    Líneas de investigación:
  • *Modelado, Simulación y Optimización
  • *Programación de la Operación a Corto Plazo, Elaboración de Ofertas y Análisis de Reservas de Operación

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