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Recently, chance-constrained stochastic electricity market designs have beenproposed to address the shortcomings of scenario-based stochastic marketdesigns. In particular, the use of chance-constrained market-clearing avoidstrading off in-expectation and per-scenario characteristics and yields uniqueenergy and reserves prices. However, current formulations rely on symmetriccontrol policies based on the aggregated system imbalance, which restrictsbalancing reserve providers in their energy and reserve commitments. This paperextends existing chance-constrained market-clearing formulations by leveragingnode-to-node and asymmetric balancing reserve policies and deriving theresulting energy and reserve prices. The proposed node-to-node policy allowsfor relating the remuneration of balancing reserve providers and payment ofuncertain resources using a marginal cost-based approach. Further, we introduceasymmetric balancing reserve policies into the chance-constrained electricitymarket design and show how this additional degree of freedom affects marketoutcomes.

Electricity and Reserve Pricing in Chance-Constrained Electricity Markets with Asymmetric Balancing Reserve Policies