A critical element for the efficient integration of ever-increasing shares of stochastic renewable energy generation is power system flexibility. The physical limit of flexibility depends on the technical properties of the system components on the generation, consumption and transmission sides.
Nonetheless, operational flexibility, i.e., flexibility that can be actually deployed during system operation, is essentially driven by the operational practices and the market mechanisms that are in place. The goal of this work is to propose new market-based mechanisms that can optimally exploit available flexibility by promoting the spatial and temporal coordination of operational decisions and actions in view of uncertainty.
Within this scope, potential sources of flexibility are on the transmission side (HVDC lines and/or dynamic line rating), on the consumption side (demand response programs) or potential synergies with other energy systems, e.g., natural gas.