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Regulation Study: A Market Clearing Study of the NEMS

Regulation Study: A Market Clearing Study of the NEMS
Lu Feiyu, Senior Market Analyst
Original Publication Date: October 2005

Among the three products that are traded in the National Electricity Market of Singapore (NEMS), namely energy, reserve, and regulation, the regulation market is seen as the most volatile. On 4 June 2005, a price spike ($2,299.95/MWh) was observed in the regulation market in Period 14 (06:30–07:00). A detailed investigation revealed that a high price was set by a generator’s regulation offer. Before we find the root cause of such volatility, first we must better understand what regulation is and how it works in the NEMS. This is the primary goal of this paper.