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Calibration of Operating Reserve Demand Curves using Monte Carlo Simulations

Author

Listed:
  • Cartuyvels, Jacques

    (Université catholique de Louvain, LIDAM/CORE, Belgium)

  • Papavasiliou, Anthony

    (Université catholique de Louvain, LIDAM/CORE, Belgium)

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.

Suggested Citation

  • Cartuyvels, Jacques & Papavasiliou, Anthony, 2022. "Calibration of Operating Reserve Demand Curves using Monte Carlo Simulations," LIDAM Reprints CORE 3198, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:3198
    Note: In : 2022 IEEE PES General Meeting
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    Cited by:

    1. Mou, Yuting & Papavasiliou, Anthony & Hartz, Katharina & Dusolt, Alexander & Redl, Christian, 2023. "An analysis of shortage pricing and capacity remuneration mechanisms on the pan-European common energy market," Energy Policy, Elsevier, vol. 183(C).

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