School of Electrical Engineering, Xi’an Jiaotong University, Xi’an 710049, China

The increase in the proportion of renewable energy has led to a significant increase in the requirement for flexible regulation resources in the power system. However, the traditional capacity market only aims to guarantee the system adequacy during the peak load period. There may still be a shortage of power supply due to insufficient flexible regulation capacity. Therefore, this paper proposes a robust optimal clearing model and a pricing method for the capacity market that considers the flexible regulation requirement. The settlement rules for different resource types are provided. And it is verified that the proposed capacity market pricing mechanism can satisfy the properties of social efficiency, balance of payments, individual rationality, and incentive compatibility. Finally, the IEEE 118-bus system is used for the case study. The results show that the proposed capacity market mechanism can simultaneously guarantee the adequacy of the system to cope with peak load and flexible regulation requirement, reasonably describe the capacity value of flexible regulation resources, and effectively distinguish between the effective capacity contribution of different types of resources and the responsibility of causing flexible regulation requirement, which helps to guide renewable energy units to suppress their output uncertainty fluctuations and incentivize flexible resources to provide capacity to meet system flexible regulation requirement.

This work is supported by National Key R&D Program of China (No. 2022YFB2403200).