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A system operator’s utility function for the frequency response market

handle: 10044/1/65379
How can the electricity system operator determine the optimal quantity and quality of electricity ancillary services (such as frequency response) to procure in a market increasingly characterized by intermittent renewable electricity generation? The paper presents a system operator's utility function to calculate the exchange rates in monetary values between different frequency response products in the electricity system. We then use the utility function in a two-sided Vickrey-Clarke-Groves (VCG) mechanism combined of two frequency response products 'enhanced and primary' in the context of the system in Great Britain. This mechanism would allow the market to reveal to the system operator the welfare optimal mix of speed of frequency response and quantity to procure. We show that this mechanism is the efficient way to support new faster sources of frequency response, such as could be provided by grid scale batteries.
- University of Cambridge United Kingdom
- Imperial College London United Kingdom
- University of Oxford United Kingdom
- University of Oxford United Kingdom
Technology, Engineering, Chemical, Energy storage, 330, Energy & Fuels, Chemical, STORAGE-SYSTEMS, 09 Engineering, ENERGY, Engineering, DESIGN, System operator, 14 Economics, Science & Technology, Energy, energy storage, VCG mechanism, system operator, ancillary services, Ancillary services, Utility function
Technology, Engineering, Chemical, Energy storage, 330, Energy & Fuels, Chemical, STORAGE-SYSTEMS, 09 Engineering, ENERGY, Engineering, DESIGN, System operator, 14 Economics, Science & Technology, Energy, energy storage, VCG mechanism, system operator, ancillary services, Ancillary services, Utility function
citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).26 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Top 10% influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Top 10% impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Top 10%
