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Compared to electric energy prices, reserve prices present different characteristics including lower price level, higher variability, and more frequent and extreme spikes. While the modeling of electric energy prices have been broadly studied in the literature, such research on ancillary services prices is limited. This paper investigates the application of established stochastic approaches for modeling...
In addition to electric energy, ancillary services, such as operating reserves and frequency regulation service, are also traded in a competitive electricity market. With the emerging smart grid technologies and large scale integration of variables resources into the grid, the market for ancillary services is expected to grow, and thus, their prices become increasingly important. The prices of ancillary...
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