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This paper deals with the problem of clearing sequential electricity marketsunder uncertainty. We consider the European approach, where reserves are tradedseparately from energy to meet exogenous reserve requirements. Recently pro-posed stochastic dispatch models that co-optimize these services provide themost efficient solution in terms of expected operating costs by computingreserve needs endogenously. However, these models are incompatible withexisting market designs. This paper proposes a new method to compute reserverequirements that bring the outcome of sequential markets closer to thestochastic energy and reserves co-optimization in terms of cost efficiency. Ourmethod is based on a stochastic bilevel program that implicitly improves theinter-temporal coordination of energy and reserve markets, but remainscompatible with the European market design. We use two standard IEEEreliability test cases to illustrate the benefit of intelligently settingoperating reserves in single and multiple reserve control zones.

Setting Reserve Requirements to Approximate the Efficiency of the Stochastic Dispatch