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Spinning reserve (SR) allows system operators to compensate for unpredictable imbalances between load and generation caused by sudden outages of generating units, errors in load forecasting or unexpected deviations by generating units from their production schedules. As the proportion of power produced by wind farms increases, it becomes more difficult to predict accurately the total amount of power injected by all generators into the power system. This added uncertainty must be taken into account when setting the requirement for SR. This paper proposes a technique to calculate the optimal amount of SR that the system operator should provide to be able to respond not only to generation outages but also to errors in the forecasts for load and wind power production. Using a Monte Carlo simulation, the proposed technique for setting the SR requirements is then compared with the traditional deterministic criterion (i.e., the capacity of the largest online infeed), an approach to cope with wind imbalances and an approach that combines the traditional criterion with the approach to cope with wind imbalances. The results show that, contrary to what is commonly believed, an increased wind power penetration does not necessarily require larger amounts of SR.