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In this paper, the intra-day multi-interval rolling-window joint dispatch andpricing of energy and reserve is studied under increasing volatile anduncertain renewable generations. A look-ahead energy-reserve co-optimizationmodel is proposed for the rolling-window dispatch, where possible contingenciesand load/renewable forecast errors over the look-ahead window are modeled asseveral scenario trajectories, while generation, especially its ramp, isjointly scheduled with reserve to minimize the expected system cost consideringthese scenarios. Based on the proposed model, marginal prices of energy andreserve are derived, which incorporate shadow prices of generators' individualramping capability limits to eliminate their possible ramping-inducedopportunity costs or arbitrages. We prove that under mild conditions, theproposed market design provides dispatch-following incentives to generatorswithout the need for out-of-the-market uplifts, and truthful-bidding incentivesof price-taking generators can be guaranteed as well. Some discussions are alsomade on how to fit the proposed framework into current market practice. Thesefindings are validated in numerical simulations.

Multi-Interval Rolling-Window Joint Dispatch and Pricing of Energy and Reserve under Uncertainty