Flexibility Reserve in Power Systems: Definition and Stochastic Multi-Fidelity Optimization

Summary form only given. This paper defines flexibility reserve trajectory as a single reserve product that not only supplies the energy imbalance in real-time operation but also the resulting ramping requirements by embedding the flexible ramping trajectories as time derivative of the reserve trajectories. Further, a stochastic optimization model is proposed for multi-fidelity co-optimization of energy and flexibility reserve in day-ahead power systems operation. The proposed model integrates operation decisions with different levels of modeling fidelity in a single stochastic optimization problem. More specifically, day-ahead energy trajectories, day-ahead flexibility reserve capacity trajectories, and real-time flexibility reserve deployment trajectories are modeled by Bernstein polynomials with different degrees as required to match the load and renewable generation with different levels of variability in day-ahead and real-time operations. The proposed model is implemented on the IEEE reliability test system using load and solar generation data of California ISO, where the numerical results demonstrate that the proposed model schedules a reserve capacity that more accurately matches the real-time energy imbalance and ramping requirements of net-load, while reducing the total operation cost of the system.