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We consider some crucial problems related to the secure and reliableoperation of power systems with high renewable penetrations: how much reserveshould we procure, how should reserve resources distribute among differentlocations, and how should we price reserve and charge uncertainty sources.These issues have so far been largely addressed empirically. In this paper, wefirst develop a scenario-oriented energy-reserve co-optimization model, whichdirectly connects reserve procurement with possible outages and load/renewablepower fluctuations without the need for empirical reserve requirements.Accordingly, reserve can be optimally procured system-wide to handle allpossible future uncertainties with the minimum expected system total cost.Based on the proposed model, marginal pricing approaches are developed forenergy and reserve, respectively. Locational uniform pricing is established forenergy, and the similar property is also established for the combination ofreserve and re-dispatch. In addition, properties of cost recovery forgenerators and revenue adequacy for the system operator are also proven.

A Scenario-oriented Approach to Energy-Reserve Joint Procurement and Pricing