This book provides a detailed description of the flexibility of the power system with high share of variable renewable generation, including power system flexibility modeling, flexibility-based economic dispatch, demand side flexibility response, large-scale distributed flexible resources aggregation and market design for enhancing the flexibility of the power system, etc. The book provides an appropriate blend of theoretical background and practical applications of the power system flexibility, which are developed as working algorithms, coded in MATLAB and GAMS environments. This feature strengthens the usefulness of the book for graduate students and practitioners. Students will gain an insightful understanding of the flexibility of the power system with high share of renewables integration, including: (1) the formulation of flexibility modeling and flexibility-based economic dispatch models, (2) the familiarization with efficient solution algorithms for such models, (3) insights into these problems through the detailed analysis of numerous illustrative examples and (4) market design approach for enhancing the flexibility of the power system. Hopefully, this book greatly benefits readers in the fields of energy economics and engineering.

Ming Zhou is Professor in School of Electrical and Electronic Engineering at North China Electric Power University and IEEE Senior Member and Senior Member of Chinese Society for Electrical Engineering. His research interests are power system planning and operation, power system economics, integrated energy operation.

Zhaoyuan Wu is Ph.D. Student in School of Electrical and Electronic Engineering at North China Electric Power University and IEEE Student Member. His research interests are electricity market, power system flexibility, energy policy and demand response. His honors are Nari-Relays Scholarship, North China Electric Power University, 2020 Excellent Graduate Students Pacemaker, North China Electric Power University, 2020

Gengyin Li is Professor in School of Electrical and Electronic Engineering at North China Electric Power University and IEEE Member and Senior Member of Chinese Society for Electrical Engineering. His research interests are HVDC transmission, power quality analysis and control and emerging transmission and distribution technologies