Calibration of Operating Reserve Demand Curves using Monte Carlo Simulations

Jacques Cartuyvels and Anthony Papavasiliou
Additional contact information
Jacques Cartuyvels: Université catholique de Louvain, LIDAM/CORE, Belgium
Anthony Papavasiliou: Université catholique de Louvain, LIDAM/CORE, Belgium

No 2022009, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: Scarcity pricing has been proposed to enhance investment in flexible assets through the use of an adder on real-time energy and the application of that adder on real-time reserve. We implement a Monte-Carlo simulator for obtaining statistically confident estimates of scarcity pricing adders which is motivated from the implementation of this mechanism in Belgium. The analysis is based on a multi-level, multi-horizon simulation of day-ahead and real-time operations in the Belgian market. The methodology relies on k-means clustering for selecting a set of representative day-ahead forecasts, followed by the generation of synthetic real-time load scenarios for simulating real-time operations.

Keywords: Operating reserve demand curve; scarcity pricing; unit commitment; k-means (search for similar items in EconPapers)
Pages: 5
Date: 2022-02-01
New Economics Papers: this item is included in nep-cmp
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://dial.uclouvain.be/pr/boreal/en/object/bore ... tastream/PDF_01/view (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:2022009

Access Statistics for this paper

More papers in LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) Voie du Roman Pays 34, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Bibliographic data for series maintained by Alain GILLIS ().