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Operating reserve model in the power market

Most of the current research on operating reserve markets assumes that the required capacity is predetermined, which means that the demand of operating reserve capacity is inelastic. This paper considers that operating reserve capacity in a power system is flexible and that one should optimize it by cost-benefit analysis. Based on the reliability evaluation of the generation system, a clearing model of the operating reserve market is proposed to determine the optimal reserve capacity and simultaneously clear the operating reserve market. The model is discussed on both uniform-price and pay-as-bid auction mechanisms. By using a heuristic method, we suggest an efficient algorithm to solve the model. Case studies for reliability test system (RTS96) demonstrate the usefulness and efficiency of the proposed model.