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The shift in the electricity industry from regulated monopolies to competitive markets as well as the widespread introduction of fluctuating renewable energy sources bring new challenges to power systems. Some of these challenges can be mitigated by using demand response (DR) and energy storage to provide power system services. The aim of this paper is to(More)
— In this paper a novel algorithm to determine the minimum cost reserves for power systems with high wind penetration, is presented. We first determine the status and schedule of each generating unit by solving a deterministic unit commitment problem, where only the wind power forecast is taken into account. Having then computed the generation schedule, we(More)
—We introduce a novel contract design framework that enables demand side resources to participate in ancillary services markets in a cost efficient manner. Resources enter contracts with aggregators (which may be utilities) to provide capacity, which is directly controlled by the aggregator via a control signal. The contracting process allows consumers to(More)
Personal use of this material is permitted. Permission from IEEE must be obtained for all other users, including reprinting/ republishing this material for advertising or promotional purposes, creating new collective works for resale or redistribution to servers or lists, or reuse of any copyrighted components of this work in other works. Abstract—Demand(More)
—There exists disagreement on how Demand Response (DR) programs should be designed. This is likely because people from different fields view DR differently. For example, some see DR as a mechanism to improve the economic efficiency of electricity markets while others see it as a new control variable that can enhance power system reliability and security. In(More)
There exists disagreement on how Demand Response (DR) programs should be designed. This is likely because people from different fields view DR differently. For example, some see DR as a mechanism to improve electricity markets while others see it as a new control variable that can enhance power system reliability and security. In this paper, we review the(More)