Abstract

In addition to providing energy to end‐consumers, power system operators are also responsible for ensuring system reliability. To this end, power markets maintain an array of ancillary services to ensure that it is always possible to balance the supply and demand for energy in real‐time. A subset of these ancillary services are commonly procured through market‐based mechanisms: namely, Regulation, Spinning, and Non‐spinning Reserves. We review the definitions of these services, as well as their historical market prices and market clearing volumes, across the seven U.S. Independent System Operators and Regional Transmission Operators.

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