Methodology to analyze combined heat and power plant operation considering electricity reserve market opportunities

This paper presents a methodology to promote the operation of combined heat and power (CHP) power plant in the liberalized energy markets. The methodology considers a combination of marketplaces available to the power plant for its end products heat and electrical power, with a special reference to electricity reserve market opportunities. A result of the paper is a daily operation sequence to analyze the hourly operation in the heat and electricity markets. The proposed methodology is tested with price data of the respective energy and power markets between years 2013 and 2015.