Developing new participation model of thermal generating units in flexible ramping market

Uncertainty and variability in the supply sector of renewable‐penetrated power systems is becoming a new challenge for secure operation of these systems which if not responded properly may cause large amounts of load and supply curtailments. To meet this challenge, some ISOs recently have employed a new product named Flexible Ramping Product (FRP) into their markets which enhances the capability of the system to overcome such uncertainties by reserving additional ramp rates. In this regard, a new framework for implementing FRP in real‐time market is proposed here. The proposed framework provides a proper opportunity for participation of thermal generating units in procuring FRP requirements. The developed model is implemented on the IEEE‐118 bus test system and simulation results demonstrate significant effectiveness of this mechanism in reducing load and supply curtailments and run the electricity market more efficiently.