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The increasing penetration of renewable energy in recent years has led to more uncertainties in power systems. These uncertainties have to be accommodated by flexible resources (i.e., upward and downward generation reserves). In this paper, a novel concept, Uncertainty Marginal Price (UMP), is proposed to price both the uncertainty and generation reserve. At the same time, the energy is priced at Locational Marginal Price (LMP). A novel market clearing mechanism is proposed to credit the generation and reserve and to charge the load and uncertainty within the robust unit commitment in the day-ahead market. We derive the UMPs and LMPs in the robust optimization framework. UMP helps allocate the cost of generation reserves to uncertainty sources. We prove that the proposed market clearing mechanism leads to partial market equilibrium. We find that transmission reserves must be kept explicitly in addition to generation reserves for uncertainty accommodation. We prove that transmission reserves for ramping delivery may lead to Financial Transmission Right (FTR) underfunding in existing markets. The FTR underfunding can be covered by congestion fund collected from uncertainty payment in the proposed market clearing mechanism. Simulations on a six-bus system and the IEEE 118-bus system are performed to illustrate the new concepts and the market clearing mechanism.

Uncertainty Marginal Price, Transmission Reserve, and Day-Ahead Market Clearing With Robust Unit Commitment