Improving the efficiency of reliability and market operation with resource plan performance metrics: concept and application

Resource plans are the generation schedules submitted by market participants to cover their forth-coming bilateral agreements and meet various reserve requirements. Resource plans are very important inputs to the operation of the ISO in terms of assessing and maintaining grid reliability. They also have substantial impacts on the ISO market operations. Due to the uncontrollable errors in the dynamic control of the generation resources, it is almost impossible to obtain a perfectly accurate resource plan, and inaccurate resource plans increase the operational difficulty for the ISO. Even though it is important to limit the errors of resource plans to a minimum, it is both challenging and controversial to obtain the "appropriate" level of accuracy of resource plan. This article presents a simple but novel method that measures the performance of resource plans submitted from market participants. The performance is measured by a measure metrics, an index inspired by statistical indices measuring power system reliability. A matrix structure of score bulletin board is proposed to disclose the relative performances of all participants and reveal the average level of "accuracy". The implementation of the proposed method is simple and almost cost free. The proposed resource plan performance metrics has effectively improved the resource plan performance in the ERCOT market