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Thanks for your reply.

Is the Hornsdale Power Reserve "participating" in this mechanism?

https://en.wikipedia.org/wiki/Hornsdale_Power_Reserve

Since it's a Lithium battery I assume it's "inverter-connected".

At that scale, they may be doing more interesting things, like participating in whatever passes for a spot market, or even time-of-day arbitrage.

There is considerable variation region-to-region, but a common pattern is for the spot market to clear every 15 minutes to provide secondary frequency reserve, with a day-ahead market that clears 24 hours in advance, and a wide range of futures markets that build on the day-ahead market.

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