Incorporating short-term stored energy resource into Midwest ISO energy and ancillary service market

Summary form only given. The purpose of this paper is to analyze various approaches to incorporate short-term stored energy resources into the Midwest ISO co-optimized energy and ancillary service market. Based on the analysis, the best approach is to utilize short-term stored energy resources for regulating reserve with the real-time energy dispatch to be set in such a way that the maximum regulating reserve can be cleared. Results on a five-bus system are used to illustrate the clearing and pricing on short-term stored energy resources with the proposed approach. Monte Carlo simulation on the five-bus system is used to illustrate the AGC regulation deployment.