Assessing environmental, economic, and reliability impacts of flexible ramp products in MISO's electricity market

Adam Cornelius, Rubenka Bandyopadhyay and Dalia Patiño-Echeverri

Renewable and Sustainable Energy Reviews, 2018, vol. 81, issue P2, 2291-2298

Abstract: Increased variability and uncertainty of net electrical load due to high penetration of wind and solar power augments the need for dispatching conventional generators with sufficient ramping capability (RC) needed to balance demand with supply. Having sufficient RC reduces the need of last minute dispatch schedule modifications which cause cost, reliability and environmental outcomes that reduce the benefits of renewables. The Midcontinent Independent System Operator (MISO), has modified its Unit Commitment and Economic Dispatch algorithms to account for the economic value of provisioning adequate RC levels. This paper explores the outcomes of this modified market-clearing process by simulating 10-minute operations of a scaled MISO test system, for three representative months under low and high wind penetration scenarios. Changes in system performance are quantified by comparing system costs, scarcity events/pricing, energy prices, generation-fuel mix, wind-power curtailment, and CO2 emissions between the conventional market-clearing algorithm and one with flexible RC products. Results indicate that adding RC products lowers CO2 emissions and system costs, facilitates wind integration, and improves reliability. These benefits are robust to changes in the market clearing algorithm parameters such as over/under generation penalties and reserve scarcity prices.

Keywords: Ramp Capability products; Renewable power integration; Unit commitment and economic dispatch; Market clearing algorithms; Uncertainty analysis in electric power markets (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032117309772
Full text for ScienceDirect subscribers only

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:eee:rensus:v:81:y:2018:i:p2:p:2291-2298

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2017.06.037

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().