The deregulation of power systems allows customers to participate in power market operation. In deregulated power systems, nodal price and nodal reliability are adopted to represent locational operation cost and reliability performance. Since contingency reserve (CR) plays an important role in reliable operation, the CR commitment should be considered in operational reliability analysis. In this paper, a CR model based on customer reliability requirements has been formulated and integrated into power market settlement. A two-step market clearing process has been proposed to determine generation and CR allocation. Customers' nodal unit commitment risk and nodal energy interruption have been evaluated through contingency analysis. Customers' reliability cost including reserve service cost and energy interruption cost have also been evaluated.
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Zhao et al. (2013) studied this question.
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