Due to recent technological achievements

stochastic optimization

which inherently captures the uncertainty of intermittent resources

is being used to capture the variability and uncertainty of wind and solar resources. However

due to persistent computational limitations

it is not practical to consider all possible variable generation scenarios. As a result

a reduced number of most likely scenarios is usually considered. While this helps reduce the computational burden

it also leaves the system operator vulnerable to some risk. In order to address this issue

this paper aims at providing insight into using an explicit reserve requirement in a stochastic modeling framework in order to provide system operators with greater confidence in stochastic dispatch solutions. This is accomplished by simulating a modified version of the IEEE 118 bus system in a fully stochastic

multi-timescale framework with flexibility reserve requirements. Results show that utilizing a stochastic flexibility reserve requirement within the stochastic modeling framework offers the most reliability benefit.