Optimal Portfolio of Standardized Multi-level Reserve Products: Analysis and Modeling Based on Key Time Factors

With the gradual diversification of reserve resource providers in the power system, the optimal portfolio of multi-level reserve products has become a crucial issue for ensuring the security and economic efficiency of the power system. This paper discusses the significance of standardized reserve products in the power market, models key time factors such as Response Time and Duration for reserve products, and proposes the principle of downward substitution among different levels of reserves. The response capabilities and technical constraints of each new type of entity providing reserve resources are comprehensively considered, with the objective of minimizing total system cost while ensuring system stability. The results show that the proposed method can not only effectively improve the response speed and reliability of the system's reserve capacity, but also significantly reduce the cost of power reserves, providing theoretical support for the construction of an efficient and stable power system.