IEEE Power & Energy Magazine - November/December 2017 - 78

Excepted Benefits

Production Results

Production Cost Savings

4.2 Million/Year

Reduced Price Volatility

~7%

Improved DA /RT
Convergence

~3%

Reduced Short-Term Scarcities and Price
Spikes (in Figure)
(a)
250
LMP with RCP

LMP Without RCP

Average Hub LMP (US$)

200

150

100

50

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0

Source: MISO

(b)

MW

figure 5. A comparison of market outcomes with and without the MISO ramp capability product (RCP). LMP: locational
marginal price.

C

A

Day 1
Source: CISO

D

B

Day 2

figure 6. The different flexible capacity needs in CAISO:
largest (A/C) and smallest (B/D) and daily primary (A/B) and
secondary (C/D) ramps in the month.
78

ieee power & energy magazine

reflecting the value of lost load, the result can be lower realized
prices. This contributes to reduced revenue for the supply side,
thus reducing incentives to invest in new generation.
This lack of sufficient revenue for the supply side is
referred to as the "missing money" problem. With missing
money, there is a concern that investment in new supply-side
resources could dry up and, in the long run, lead to insufficient
resource adequacy. With VER contributing to reductions in
energy prices and the production of other resources, this missing money issue can be amplified. Many regions have implemented capacity markets or capacity requirements that must be
met by load-serving entities.
november/december 2017



Table of Contents for the Digital Edition of IEEE Power & Energy Magazine - November/December 2017

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IEEE Power & Energy Magazine - November/December 2017 - Cover3
IEEE Power & Energy Magazine - November/December 2017 - Cover4
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