Renewable-dominant power systems explore options to procure virtual inertia services from non-synchronous resources (e.g., batteries, wind turbines) in addition to inertia traditionally provided by synchronous resources (e.g., thermal generators). This paper designs a stochastic electricity market that produces co-optimized and efficient prices for energy, reserve and inertia. We formulate a convex chance-constrained stochastic unit commitment model with inertia requirements and obtain equilibrium energy, reserve and inertia prices using convex duality. Numerical experiments on an illustrative system and a modified IEEE 118-bus systems show the performance of the proposed pricing mechanism.
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