With the fast growth of wind power penetration, power systems need additionalflexibility to cope with wind power ramping. Several electricity markets haveestablished requirements for flexible ramping capacity (FRC) reserves. Thispaper addresses two crucial issues that have rarely been discussed in theliterature: 1) how to characterize wind power ramping under different forecastvalues and 2) how to achieve a reasonable trade-off between operational risksand FRC costs. Regarding the first issue, this paper proposes a concept ofconditional distributions of wind power ramping, which is empirically verifiedby using simulation and real-world data. For the second issue, this paperdevelops an adjustable chance-constrained approach to optimally allocate FRCreserves. Equivalent tractable forms of the original problem are devised toimprove computational efficiency. Tests carried out on a modified IEEE 118-bussystem demonstrate the effectiveness and efficiency of the proposed method.
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