Characterizing flexibility in power markets and systems
Güray Kara, Asgeir Tomasgård, Hossein Farahmand
Abstract
The increasing share of variable renewable energy sources creates a need for flexibility resources in the power system operations. This paper presents suggestions for characterizing flexibility, including dimensions of time, spatiality, resource type, and risk in power systems. We present interrelations between these flexibility dimensions, products, services, and suitable market designs. In light of this, we discuss TSO–DSO coordination and optimal flexibility resource allocation.
Topics & Concepts
Flexibility (engineering)Resource (disambiguation)Electric power systemRenewable energyComputer scienceEnvironmental economicsIndustrial organizationPower (physics)BusinessRisk analysis (engineering)EconomicsEngineeringElectrical engineeringComputer networkPhysicsManagementQuantum mechanicsSmart Grid Energy ManagementElectric Power System OptimizationIntegrated Energy Systems Optimization