Stochastic look-ahead economic dispatch with flexible ramping product

Under high penetration of wind and solar, the power system is facing the challenge to maintain the balance between generation and load due to the insufficient ramping capability. To resolve this challenge, a new market mechanism was proposed by many ISOs to add the flexible ramping constraints or flexible ramping product to maintain the ramping flexibility in addressing net load uncertainty and variability. The current market practice is mainly based on a deterministic method for identifying the ramping capability requirement, which may increasingly result in insufficient ramping capability. This situation can be further aggravated if deliverability of the flexible ramping product is overly constrained by insufficient transmission. In this paper, a stochastic economic dispatch model with flexible ramping product, accounting for deliverability constraints, is developed to effectively handle the net load uncertainty and variability.