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Deferrable loads can be used to mitigate the variability associated with renewable generation. In this paper, we study the impact of deferrable loads on forward market operations. Specifically, we compute cost-minimizing ex-ante bulk power and reserve capacity procurement policies in the cases of fully deferrable and non-deferrable loads. For non-deferrable loads, we analytically express this policy on a partition of procurement prices. We also formulate a threshold policy for deferrable load scheduling in the face of uncertain supply, that minimizes grid operating costs.