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This paper proposes a system-wide optimal resource dispatch strategy thatenables a shift from a primarily energy cost-based approach, to a strategyusing simultaneous price signals for energy, power and ramping behavior. Aformal method to compute the optimal sub-hourly power trajectory is derived fora system when the price of energy and ramping are both significant. Optimalcontrol functions are obtained in both time and frequency domains, and adiscrete-time solution suitable for periodic feedback control systems ispresented. The method is applied to North America Western Interconnection forthe planning year 2024, and it is shown that an optimal dispatch strategy thatsimultaneously considers both the cost of energy and the cost of ramping leadsto significant cost savings in systems with high levels of renewablegeneration: the savings exceed 25% of the total system operating cost for a 50%renewables scenario.

Optimal Subhourly Electricity Resource Dispatch Under Multiple Price Signals With High Renewable Generation Availability