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The increasing penetration of renewable energy in recent years has led tomore uncertainties in power systems. In order to maintain system reliabilityand security, electricity market operators need to keep certain reserves in theSecurity-Constrained Economic Dispatch (SCED) problems. A new concept,deliverable generation ramping reserve, is proposed in this paper. The pricesof generation ramping reserves and generation capacity reserves are derived inthe Affine Adjustable Robust Optimization framework. With the help of theseprices, the valuable reserves can be identified among the available reserves.These prices provide crucial information on the values of reserve resources,which are critical for the long-term flexibility investment. The marketequilibrium based on these prices is analyzed. Simulations on a 3-bus systemand the IEEE 118-bus system are performed to illustrate the concept of rampingreserve price and capacity reserve price. The impacts of the reserve credit onmarket participants are discussed.

Pricing the Ramping Reserve and Capacity Reserve in Real Time Markets