  The increasing penetration of renewable energy in recent years has led to
more uncertainties in power systems. In order to maintain system reliability
and security, electricity market operators need to keep certain reserves in the
Security-Constrained Economic Dispatch (SCED) problems. A new concept,
deliverable generation ramping reserve, is proposed in this paper. The prices
of generation ramping reserves and generation capacity reserves are derived in
the Affine Adjustable Robust Optimization framework. With the help of these
prices, the valuable reserves can be identified among the available reserves.
These prices provide crucial information on the values of reserve resources,
which are critical for the long-term flexibility investment. The market
equilibrium based on these prices is analyzed. Simulations on a 3-bus system
and the IEEE 118-bus system are performed to illustrate the concept of ramping
reserve price and capacity reserve price. The impacts of the reserve credit on
market participants are discussed.
