Markets & System Operations

Key market and system concepts relevant to the operation of conventional, transforming and future power systems.

Adaptability

The ease with which a System or Energy Resource can be modified for use in environments or under conditions other than those for which it

Adequacy

The ability of the Power System to supply the total aggregate Demand at all times, taking into account both scheduled outages and unscheduled outages that

Aggregator

An Entity that brings together and Orchestrates a fleet of Energy Resources, including Distributed Energy Resources (DER/CER), for the purpose of providing one or more

Ancillary Service

A set of physics-based support functions that are essential for maintaining the reliable operation of a Power System. Example applications include supporting Supply-Demand Balance, Frequency

Capacity Allocation

The determination of how much of the available Power capacity should be assigned to individual Generation Plant and other Energy Resources.

Capacity Market

A market in which Energy Resources receive a payment for having capacity available, even if it is not used. An additional payment (spot price) is

Cascading Outage

The occurrence of an uncontrollable succession of outages, each of which is initiated by conditions (e.g. instability or overloading) arising or made worse as a

Cascading Outage

The occurrence of an uncontrollable succession of outages, each of which is initiated by conditions (e.g. instability or overloading) arising or made worse as a

Central Dispatch Process

The processes managed by the Market/System Operator (MSO) to maintain energy balance in the Power System via the centrally coordinated matching of Supply and Demand

Co-optimisation

Co-optimisation is a structured approach to ensuring that Energy Resource services dispatched and/or financially incentivised in one vertical Tier/Layer of the Power System (e.g. )