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A WECC-based Model for Simulating Two-stage Market Clearing with High-temporal-resolution

Ningkun Zheng, Bolun Xu

Abstract

This paper presents a new open-source model for simulating two-stage market clearing based on the Western Electricity Coordinating Council Anchor Data Set. We model accurate two-stage market clearing with day-ahead unit commitment at hourly resolution and real-time economic dispatch with five-minute resolution. Both day-ahead unit commitment and real-time economic dispatch can incorporate look-ahead rolling horizons. The model includes seven market regions and a full year of data, detailing 2,403 individual generation assets across diverse energy sources. The year-long simulation demonstrates the capability of our model to closely reflect the generation and price patterns of the California ISO. Our sensitivity analysis revealed that extending the ED look-ahead horizon reduces system costs by up to 0.12%. We expect this new system model to fulfill the needs of conducting electricity market analysis at finer time granularity for market designs and emerging technology integration. While we focus on the western interconnection, the model serves as a base to simulate other two-stage clearing market locations.

A WECC-based Model for Simulating Two-stage Market Clearing with High-temporal-resolution

Abstract

This paper presents a new open-source model for simulating two-stage market clearing based on the Western Electricity Coordinating Council Anchor Data Set. We model accurate two-stage market clearing with day-ahead unit commitment at hourly resolution and real-time economic dispatch with five-minute resolution. Both day-ahead unit commitment and real-time economic dispatch can incorporate look-ahead rolling horizons. The model includes seven market regions and a full year of data, detailing 2,403 individual generation assets across diverse energy sources. The year-long simulation demonstrates the capability of our model to closely reflect the generation and price patterns of the California ISO. Our sensitivity analysis revealed that extending the ED look-ahead horizon reduces system costs by up to 0.12%. We expect this new system model to fulfill the needs of conducting electricity market analysis at finer time granularity for market designs and emerging technology integration. While we focus on the western interconnection, the model serves as a base to simulate other two-stage clearing market locations.
Paper Structure (23 sections, 9 equations, 5 figures, 2 tables)

This paper contains 23 sections, 9 equations, 5 figures, 2 tables.

Table of Contents

  1. Introduction
  2. Test System Development
  3. Data Processing
  4. Simplified Regions and Transmission
  5. Generation Resources Data
  6. WECC Load and Renewable Profile
  7. Two-Stage Settlement Model
  8. Analysis of Market Simulation Results
  9. Generation by Energy Resources
  10. Real-time Price
  11. Sensitivity Analysis
  12. Conclusion
  13. Nomenclature
  14. Sets and Indices
  15. Variables
  16. ...and 8 more sections

Figures (5)

  • Figure 1: Reduced and modified regions and network for WECC.
  • Figure 2: Simulated and 2022 CAISO historical year-long generation mix.
  • Figure 3: Total system generation by energy resources during winter and summer peak weeks. Two subfigures shared the same legend.
  • Figure 4: Year-long real-time price cumulative density function comparison.
  • Figure 5: Example of simulated real-time price. (a) 1 week real-time price and load; (b) monthly statistics compared to CAISO historical data.