Funding provided by U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) under ARPA-E Award no. DE-AR001274 and work authorization no. 19/CJ000/07/08.
Note
Description based on online resource; title from PDF title page (NREL, viewed Jan. 3, 2022).
Summary
As the electricity generated by variable resources grows, system operators and variable resources have to manage challenging imbalances between forward and real-time markets. The Flexibility Auction is a novel approach for managing imbalances as it will allow resources with imbalance risk to hedge their production by buying flexibility options. The flexibility options are offered by grid-connected resources that can provide physical flexibility. This presentation provides an overview of the participants in the auction, the definition of flexibility options, and settlements.
