A Market Clearing Mechanism Considering Primary Frequency Response Rate

Prior-art market mechanism designs in the literature do not well distinguish the primary frequency reserve resources with different response rates. This letter proposes a performance ratio that quantifies the relative effectiveness of generators and flexible demand resources in frequency regulation considering their response rates. The performance ratio is incorporated into a real-time market clearing model to optimize both upward and downward primary frequency reserve resources. The proposed method is validated based on the IEEE 118 bus system.