Electricity and Reserve Market Clearing Model with Intermittent Renewable Energy Generation Participation

In recent years, the ever-increasing penetration of intermittent renewable energy generation (IREG) in a power system has posed significant challenges to the secure and economic operation of the system due to the volatility and uncertainty of IREG. In this paper, a renewable energy curtailment penalty factor is designed and a joint clearing model for electricity and reserve markets presented to incentivize renewable energy generators for improving day-ahead forecasting accuracy, reduce the complexity of real-time dispatching and ensure the efficient accommodation of intermittent renewable energy generation. The IEEE 30-bus power system is employed to demonstrate the effectiveness of the proposed model in reducing the wind curtailment bias to $\mathbf{0. 1 1 5 \%}$.