Method of Participation Decision of Frequency Regulation Market for Coal-Fired Generator in Power Spot Market

The participation of frequency regulation market for coal-fired generators not only ensures system security but also enhances their economic benefits through ancillary services. However, multiple economic factors including generation revenue, ancillary service revenue and generation cost must be considered to maximize profits. In the paper, a method for decision-making of frequency regulation market participation for coal-fired generators operating in power spot markets coupled with frequency regulation market is established. A market simulation model of co-optimizations of energy and frequency regulation market is used of the generator by comparing daily economic profitability difference for the scenarios whether or not participation of frequency regulation market. Case studies using an actual provincial spot market is performed to validate the method.